Drugmaker Mallinckrodt Reaches $1.6B Opioid Settlement

first_imgShare:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to email this to a friend (Opens in new window) Stock Photo: PixabayNEW YORK – The generic drugmaker Mallinckrodt has a tentative $1.6 billion deal to settle lawsuits over its role in the U.S. opioid crisis, it announced Tuesday.The deal is intended to end hundreds of lawsuits faced by the company over opioids.The company said that it had an agreement with a key committee of lawyers representing thousands of local governments suing various drug industry players over opioids — and that the deal has the support of the attorneys general of 47 states and territories.The company, based in Staines-Upon-Thames, England, was one of the highest-volume opioid producers in the U.S. at the height of the nation’s prescription drug crisis, shipping 2.3 billion pills from 2006 to 2014, according to federal data. In 2010 alone, Mallinckrodt’s SpecGX subsidiary, shipped 210 million doses of oxycodone to Florida, then the epicenter of the black market opioid trade. The company’s potent 30 milligram pills were especially sought after by people with addiction.Documents gathered as the company prepared for trial showed that a Mallinckrodt sales manager told a distributor in 2009 of the pills: “Just like Doritos; keep eating, we’ll make more.” A company spokesman later called the statement “outrageously callous.”The company argued in court filings that unlike makers of brand-name drugs, it did not promote opioids to doctors or understate the addiction risks. But plaintiffs in the cases said Mallinckrodt continued to ship suspicious orders without making sure the drugs weren’t going to be diverted to the black market.Under its agreement, Mallinckrodt is filing for bankruptcy. The plan calls for it to make payments for eight years after the company emerges from the protections. That route is similar to one OxyContin maker Purdue Pharma is taking to settle opioid claims against it.For Mallinckrodt, there are business concerns, beyond the potential liability in opioid cases, that contributed to its seeking bankruptcy protection.“Reaching this agreement in principle for a global opioid resolution and the associated debt refinancing activities announced today are important steps toward resolving the uncertainties in our business,” Mark Trudeau, president and CEO of the company, said in a statement.Joe Rice, a lawyer on the executive committee of plaintiffs suing in federal court over opioids, said in an interview Tuesday that some details of the Mallinckrodt agreement still remain to be ironed out.Most of the money contributed by Mallinckrodt would go to a trust to pay for addiction treatment and other costs related to an opioid crisis that has been linked to more than 430,000 deaths in the U.S. since 2000. Additionally, the trust would be able to buy Mallinckrodt stock at a fixed price; it could be sold to help the cause.State attorneys general praised the deal.“My focus is on not only accountability, but also obtaining the resources we need to get victims of this epidemic the help they deserve,” Texas Attorney General Ken Paxton said in a written statement. “This agreement is a significant step in the right direction.”Mallinckrodt’s announcement comes weeks before a trial on the toll of opioids is scheduled to start in Central Islip, New York. The looming trial has been a factor in a ramped-up push for other drugmakers and distributors to settle, as well.There have been increasingly public tensions between attorneys general and the private lawyers for local governments over the biggest of the proposed settlements, which would involve at least the three biggest U.S. drug distribution companies. States have also been divided on whether to accept the deal, under which the distributors would pay a total of $18 billion over 18 years.last_img read more

Long jump Bolt’s next challenge

first_imgOILYMPIC great Usain Bolt may consider tackling the long jump as part of his involvement in the new Nitro Athletics series.Bolt has been unveiled as the star attraction of the experimental competition, which will see six teams, consisting of 24 athletes each, contest a mix of track and field events in Melbourne in February, with a hurdles relay among the proposed non-traditional features.Speaking at a news conference to announce the concept, Athletics Australia director John Steffensen, a 4×400 metre silver medal winner at the Athens Olympics in 2004, tried to tempt the Jamaican superstar to move outside of his comfort zone.Steffensen said: “So are you trying to tell me if your team say: ‘Usain, We need you to do the long jump. Can you do the long jump?’ Are you going to long jump?”And Bolt, a nine-time Olympic gold medal winner across the 100m, 200m and 4x100m relay, indicated he might well take up the suggestion in his capacity as a captain-coach.“I’m a team player you guys, I’m a team player, John. I’m a team player, I’m about winning,” he said.“That would be cool because as I said, it’s a team event and I can do what I want and it will be fun.“I think I’m at that point in my career where I don’t have to stress too much about “if” I do long jump because my coaches don’t want me to do it, but now I actually can. So it will be fun to do different things.”(Sportsmax.com)last_img read more