Endo Announces Resolution of Government Investigation
MALVERN, Pa., Feb. 21, 2014 /PRNewswire/ -- Endo Pharmaceuticals, a subsidiary of Endo Health Solutions Inc. (Nasdaq: ENDP), announced today that it has reached a resolution of criminal and civil claims with the federal and participating state authorities and the District of Columbia regarding a previously disclosed investigation concerning past US sales, marketing and promotional practices related to Endo Pharmaceuticals Inc. product Lidoderm®. Under the agreement, the company will pay a total of up to a previously reserved $194 million.
As a part of the settlement, Endo has entered into a Deferred Prosecution Agreement (DPA) with the United States Department of Justice (DOJ) for a period of up to 2 ½ years and a Corporate Integrity Agreement (CIA) with the United States Department of Health and Human Services, Office of Inspector General (HHS-OIG) for a period of (5) years. The agreements build on Endo's existing comprehensive compliance programs.
"The company takes its responsibility to patients, healthcare providers and our shareholders very seriously," said Endo's president and chief executive officer, Rajiv De Silva. "We are pleased to resolve this matter and are confident that we have robust programs in place to assist us in satisfying our legal and regulatory agreements. We are committed to a company culture that supports the conduct of our business in a compliant and ethical manner."
About Endo Pharmaceuticals Inc.
Endo Pharmaceuticals Inc., headquartered in Malvern, PA, is focused on developing and delivering high-value branded pharmaceutical products that meet the unmet needs of patients. The company is currently focused in the areas of Pain Management, Urology, and Endocrinology. Endo Pharmaceuticals is an operating company of Endo Health Solutions Inc. (NASDAQ: ENDP), a specialty healthcare company with segments focused on branded pharmaceuticals, generics, and medical devices, each providing quality products to customers intended to improve the lives of patients. Learn more at www.endo.com.
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SOURCE Endo Pharmaceuticals