Mallinckrodt agrees to $1.6 billion opioid settlement, unit to file Chapter 11 [Reuters]
Mallinckrodt plc (MNK)
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Source: Reuters
Mallinckrodt agrees to $1.6 billion opioid settlement, unit to file Chapter 11 (Reuters) - Mallinckrodt Plc ( MNK.N ) said on Tuesday its specialty generic unit would file for bankruptcy after agreeing to pay $1.6 billion over eight years to settle opioid-related lawsuits globally, sending the drugmaker’s shares up 48%. The settlement was reached with a court-appointed executive committee that represents thousands of plaintiffs in the multi-district opioid litigation and was supported by a group of 47 state and U.S. territory attorneys general, the company said. Mallinckrodt is the third opioid maker to consider bankruptcy protection as it deals with mounting expenses tied to lawsuits filed by several U.S. states and local governments, holding them accountable for the opioid epidemic in the country. Insys Therapeutics Inc filed for bankruptcy last June after announcing a $225 million settlement with the U.S. Justice Department. OxyContin maker Purdue Pharma LP in September sought ba
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