By Denny Jacob

North Carolina Attorney General Josh Stein said an agreement in principle has been reached with Endo International PLC and its lenders for $450 million as part of a nationwide opioid settlement.

The resolution, which will require bankruptcy court approval after the pharmaceutical company filed for chapter 11 protection on Tuesday, will require a $450 million cash payment over a 10-year period to participating states and subdivisions, a permanent marketing ban of Endo's opioids and turning over opioid-related documents for online publication in a public document archive.

"While no amount of money could make whole the people who are grieving their loved ones and people who have lost years of their lives to addiction, these funds will help more people get the help they need to stay alive and stay in recovery," Attorney General Stein said.

The drugmaker, domiciled in Ireland with operations in Malvern, Pa., has faced thousands of lawsuits -- including hundreds from state and local governments -- over the marketing and sale of its painkiller Opana ER, which the company discontinued in 2017 at the request of the U.S. Food and Drug Administration.

Endo had already reached individual settlements with a handful of other state and local governments before it filed for bankruptcy, but still faces about 3,100 lawsuits from state and local governments, private healthcare providers and individuals, according to a court filing by Chief Financial Officer Mark Bradley on Wednesday.

Endo did not immediately respond to a request for comment from Dow Jones Newswires.

Write to Denny Jacob at denny.jacob@wsj.com

$(END)$ Dow Jones Newswires

August 17, 2022 13:16 ET (17:16 GMT)

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