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Endo executes master settlement agreement allowing for resolution of known TRT product liability claims and entry of significant case management order

Dublin, Ireland
Tuesday, June 12, 2018, 17:00 Hrs  [IST]

Endo International plc  announced that its subsidiaries Endo Pharmaceuticals Inc. and Auxilium Pharmaceuticals, LLC have executed a definitive master settlement agreement allowing for the resolution of all known testosterone replacement therapy (TRT) product liability claims against the company.  Under the Agreement, provided certain customary conditions are met, Endo will make a one-time deposit into a qualified settlement fund and participating claimants will release their claims.  

The Agreement does not increase Endo's product liability reserve because an accrual was recorded for the settlement, together with other matters, during the fourth quarter of 2017 in connection with a previously announced memorandum of understanding.  The Agreement does not involve any admission of wrongdoing or liability by Endo.

In addition, Endo announced the entry of a significant case management order by the Hon. Matthew F. Kennelly, US District Judge, US District Court for the Northern District of Illinois, in MDL No. 2545 (In Re Testosterone Replacement Therapy Products Liability Litigation).  The order requires, among other things, that any future claimants and existing claimants electing not to participate in the settlement produce certain information within specified timeframes.  The order further allows for expedited discovery on claimants and dispositive motion practice on certain defenses, and permits only limited discovery on Endo.

"We are very pleased with today's announcement.  We believe the master settlement agreement allowing for resolution of all known testosterone replacement therapy product liability claims against Endo marks another important achievement for the company to deliver on its multi-year turnaround strategy," said Matthew J. Maletta, Endo's executive vice president and chief legal officer. "We expect the master settlement agreement and case management order will collectively assist claimants to move forward with their lives and permit Endo to move forward with an even greater focus on its core business priorities," he added.

Endo International plc is a highly focused generics and specialty branded pharmaceutical company delivering quality medicines to patients in need through excellence in development, manufacturing and commercialisation.

 

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