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Health & Medical

Drugmaker Mallinckrodt reaches $1.6B opioid settlement

The generic drugmaker Mallinckrodt has a tentative $1.6 billion deal to settle lawsuits over its role in the U.S. opioid crisis, it announced Tuesday.

The deal is intended to end hundreds of lawsuits faced by the company over opioids.

The company said that it had an agreement with a key committee of lawyers representing thousands of local governments suing various drug industry players over opioids – and that the deal has the support of the attorneys general of 47 states and territories.

The company, based in Staines-Upon-Thames, England, was one of the highest-volume opioid producers in the U.S. at the height of the nation’s prescription drug crisis, shipping millions of doses to Florida, an epicenter of the black-market opioid trade.

Under its agreement, Mallinckrodt is filing for bankruptcy.

The plan calls for it to make payments for 8 years after the company emerges from the protections. That route is similar to one OxyContin maker Purdue Pharma is taking to settle opioid claims against it.

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