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Insys bankruptcy: Opioid maker Insys first drug company to file for bankruptcy
13 June 2019, 12:48 | Glen Norman
Insys Therapeutics Bankruptcy INSY Stock Plunges on the NewsMore
In an email to NPR, Insys CEO Andrew G. Long defended the bankruptcy decision, saying: "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".
The company resolved its case with the US Justice Department for $225m (€198m), which saw a subsidiary of the company plead guilty to five counts of mail fraud.
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.
The company would pay a $2m fine and $28m in forfeiture. The under-the-tongue spray was approved by the US Food and Drug Administration (FDA) in 2012. The drug is a fentanyl spray intended only for cancer patients with pain not alleviated by other powerful medications (aka "breakthrough pain"). Insys said it also has various other drugs in.
Insys did so by paying medical practitioners to act as speakers at sham events ostensibly meant to educate clinicians about Subsys.
'For years, Insys engaged in prolonged, illegal conduct that prioritized its profits over the health of the thousands of patients who relied on it, ' U.S. Attorney Andrew Lelling in MA said.
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Prosecutors said the scheme helped boost sales of Subsys, whose net revenue grew from $8.6 million in 2012 to $329 million in 2015.
He said that sales decline was more than Insys could withstand when coupled with the investigation and more than 1,000 lawsuits by municipal governments seeking to hold it responsible for the epidemic. Notorious OxyContin maker Purdue Pharma also reportedly explored the option.
American drug maker Insys announced on Monday it was filing for bankruptcy and will sell its assets as it faces legal and financial fallout from its role in the opioid crisis. The company had stated that it is considering filing for bankruptcy due to the litigations.
According to the bankruptcy filing, Insys had $175.1 million in assets and about $262.5 million in debts as of March 31st, while shares of Insys fell more than 66 percent to $0.44 following the reveal of its bankruptcy filing.
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