BRIEF—Endo agrees $8.75 billion opioid settlement with Oklahoma

Ireland-incorporated Endo International said on Friday that its subsidiaries Endo Pharmaceuticals and Par Pharmaceutical have executed a settlement agreement with the US State of Oklahoma, with the news pushing the parent company’s shares up 3.2% to $4.55 by close of trading.

The settlement agreement fully and finally resolves Oklahoma's investigation of the settling parties in connection with the opioid abuse crisis in Oklahoma and includes a release of all associated claims by Oklahoma to the settling parties and all of their affiliated entities and persons.

In connection with the settlement agreement, Endo Pharmaceuticals has agreed to pay $8.75 million to Oklahoma.

The settlement agreement includes no admission of wrongdoing, fault or liability of any kind by the Endo affiliates.

The amount paid in connection with the accord is a fraction of the settlement and judgment amounts associated with other opioid manufacturers in Oklahoma to date and is the result of direct engagement among Oklahoma Attorney General Mike Hunter, his staff and counsel, and the company's senior leadership, according to Endo

“The money from this settlement as well as the money from other settlements will allow us to begin abating Oklahoma’s problem,” AG Hunter said in the statement.

Endo previously reached an $11 million settlement in an opioid-related lawsuit against the company brought by two Ohio municipalities