Insys Therapeutics Inc. told a DE judge Tuesday it is taking responsibility for its part in the nation's opioid crisis as it moves quickly toward a Chapter 11 sale of its assets and a plan to pay legal liabilities, including roughly $200 million to settle government claims.
Shares of INSYS dipped more than 50 percent on Monday following the announcement that it is filing for bankruptcy protection. On Monday the company filed for Chapter 11 bankruptcy, saying it needs to sell its assets to pay back creditors.
Insys CEO Andrew Long stated, "After conducting a thorough review of available strategic alternatives, we determined that a court-supervised sale process is the best course of action to maximize the value of our assets and address our legacy legal challenges in a fair and transparent manner".
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A Phoenix-based drug company has filed for Chapter 11 bankruptcy protection in DE after reaching a settlement in a lawsuit over its opioid practices. According to the CDC, fentanyl is fifty times stronger than heroin.
Insys last week agreed to a $225 million settlement over an criminal and civil investigation by the Department of Justice into its practice of bribing doctors to prescribe a highly addictive fentanyl spray called Subsys. On May 10, investors were warned that its legal costs may even force Insys to file for bankruptcy. The spray is mainly used to alleviate pain in cancer patients.
Other opioid manufactures face lawsuits by state and local governments seeking to hold them responsible for the epidemic, including OxyContin maker Purdue Pharma.
In March 2012, Insys began using "speaker programs", purportedly meant to increase brand awareness of Subsys through peer-to-peer educational lunches and dinners.
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The Justice Department probe led to multiple people being charged including Kapoor, the company's majority shareholder, in October 2017 on the same day U.S. President Donald Trump declared the opioid crisis a public health emergency.
It's hard to imagine a more sinister donor than Insys Therapeutics Inc.in the eyes of pot legalization proponents, who long have claimed drug companies want to keep cannabis illegal to corner the market for drugs, some addictive and risky, that relieve pain and other symptoms.
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