Opioid Maker Endo, headquartered in Malvern, Files For Bankruptcy

MALVERN, PA — Endo, a manufacturer of opioids and generic drugs, headquartered in Malvern, has filed for bankruptcy and agreed to pay $450 million to seven states, including Pennsylvania.

The company, which has over 400 employees in Malvern, is remaining open during the bankruptcy reorganization process.

The parking lot at 1400 Atwater Driver was nearly empty on Thursday morning.

When contacted by Patch later Thursday, an employee said the company remains open, and many employees are working at home.

Endo, which makes generic and branded opioids, including Percocet and Endocet, was struggling with a large debt from opioid litigation, according to court records.

Chapter 11 bankruptcy was filed in the Southern District of New York.

In addition to Pennsylvania, the other states are Maine, Massachusetts, New Hampshire, Tennessee, Vermont, and Virginia.

The agreement with the seven states is subject to approval by the bankruptcy court.

Pennsylvania Attorney General Josh Shapiro said his office led the mulitstate investigation that resulted in the $450 million agreement.

“Endo downplayed the risk of addiction, going so far as to market one of their opioids as having an abuse-deterrent formula, when in reality the product did nothing to deter abuse,” Shapiro said in a prepared statement.

“Nothing will make up for the lives lost to this crisis, but today’s agreement will help to ensure we can fund programs Pennsylvania communities need to recover from this crisis.”

Blaise Coleman, president and CEO of Endo, said in a prepared statement that Endo is moving forward with an important development in the ongoing business transformation to put the company in a stronger financial position for the future.

Coleman said the company began a financial restructuring process on Aug. 16 after reaching an agreement with our senior debt holders “to reduce our debt and address opioid-related and other claims without litigation.”

He said the day-to-day operations of the company will continue.

“Our momentum and commitment to our mission, customers, patients, team members, and communities will not change,” he said.

“We look forward to emerging from this process better positioned to continue helping everyone we serve live their best lives.”