Endo International Plc announced yesterday that it agreed to withdraw its long-acting opioid painkiller Opana ER from the market after the FDA declared that its benefit did not outweigh public health risks associated with opioid abuse. The company claimed that it would incur a pre-tax charge of about $20 million in the second quarter to write off the drug’s value. Endo’s shares fell as much as 3 percent. The FDA called last month for the drug to be withdrawn after an advisory committee concluded in March that the benefit of the drug no longer outweighed the risk. It was the first time the agency had called for the removal of an opioid for public health reasons.
Read more via Reuters here.