Mallinckrodt Plc on Tuesday said it had agreed to a $1.6 billion settlement prop...
- Mallinckrodt Plc on Tuesday said it had agreed to a $1.6 billion settlement proposal in which its generic drug business would file bankruptcy in order to resolve thousands of lawsuits alleging it helped fuel the U.S. opioid epidemic.
Mallinckrodt is the third opioid maker to consider bankruptcy protection as it deals with mounting expenses tied to lawsuits by thousands of U.S. states and local governments, holding them accountable for the U.S. opioid epidemic. Other opioid companies who have filed for bankruptcy include Insys Therapeutics Inc and the OxyContin maker Purdue Pharma LP, which sought bankruptcy protection in September after reaching a tentative deal it values at $10 billion to resolve the cases against it.
New Hampshire Associate Attorney General James Boffetti said his state was holding off from signing on, saying the proposal “lacks specificity” as to how the money would be distributed.
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