Endo International stock shoots up 50% as it settles opioid claims

Endo International plc (NASDAQ: ENDP) climbed more than 50% this morning after it said late on Thursday it will pay $50 million to settle opioid claims by the New York state and its Suffolk and Nassau counties.

The announcement comes shortly after McKesson, AmerisourceBergen, and Cardinal Health said they will resolve opioid claims against them with a proposed national $26 billion settlement.

Endo did not admit to wrongdoing, fault, or liability

Despite the settlement that helped the drugmaker step out of the ongoing trial, Endo or its subsidiaries did not admit to wrongdoing, fault, or liability, the company said in a press release.

Claims against other companies are still pending

Claims against other companies, including Teva Pharmaceutical and AbbVie, are still pending. The spokesperson for New York’s Attorney General hasn’t yet made an official comment on the news.

In 2017, Tennessee local governments had also sued Endo on behalf of “a child allegedly born addicted to painkillers”. Earlier this year, the drugmaker agreed to pay $35 million to settle that lawsuit as well. The American-Irish drugmaker had generated more than 93% of its sales from the U.S. healthcare system in that year.