Endo International PLC said on Thursday that it will voluntarily remove the opioid pain medication Opana ER from the market, in response to a Food and Drug Administration request last month. Endo expects an about $20 million pre-tax impairment charge in the second quarter “to write-off the remaining net book value of its Opana ER intangible asset.” Opana ER sales amounted to about $160 million last year and nearly $36 million in the first quarter, the company said. Endo also said that it continues to believe in the drug’s safety and efficacy when used as intended. Opana ER was reformulated in 2012 to prevent abuse through snorting or injecting. However, the drug was being abused after reformulation via injection, the FDA said in June. Public health consequences of that abuse included a serious outbreak of HIV and Hepatitis C and cases of a harmful blood disorder, the FDA said then. Endo shares declined 2.2% in afternoon trade, compared with a 0.5% decline in the S&P 500 . Shares have declined 1.2% over the last three months, compared with a 2.7% rise in the S&P 500 .
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News