Drugmaker Insys wins bankruptcy court approval to sell off opioid
By Nate Raymond (Reuters) - Drugmaker Insys Therapeutics Inc on Thursday won court approval to sell its flagship fentanyl spray to a buyer who agreed to only market the drug for use by cancer patients, in response to concerns about the product's role in fueling the opioid epidemic. The decision by U.S
By Nate Raymond
(Reuters) - Drugmaker Insys Therapeutics Inc on Thursday won court approval to sell its flagship fentanyl spray to a buyer who agreed to only market the drug for use by cancer patients, in response to concerns about the product's role in fueling the opioid epidemic.
The decision by U.S. Bankruptcy Judge Kevin Gross in Wilmington, Delaware, marked the first time a bankruptcy court approved the sale of an opioid amid an epidemic that has been blamed for nearly 400,000 overdose deaths between 1999 and 2017.
The ruling cleared the way for the drug, Subsys, to be sold to Wyoming-based BTcP Pharma LLC, which belongs to the MMB Healthcare network of pharmaceutical companies. In exchange, Insys will receive royalties it estimated could reach $20 million. That will raise money to satisfy creditors.
"Obviously all were concerned with the purchaser of the product," Gross said. "There is a crisis in this country and we're all still trying to get a handle on it."
The question of how to deal with a bankrupt drugmaker's opioid could ultimately emerge in the case of OxyContin maker Purdue Pharma LP, which filed for bankruptcy on Sunday in an effort to resolve more than more than 2,600 lawsuits alleging it helped fueled the opioid epidemic.
Six state attorneys general initially objected to the sale of Subsys, saying they were concerned it could perpetuate conduct Insys engaged in before filing for bankruptcy when the company was accused of paying doctors kickbacks to prescribe the drug.
Subsys contains fentanyl, an opioid 100 times stronger than morphine, and the U.S. Food and Drug Administration has only approved it to treat pain in cancer patients.
The states said Insys' conduct resulted in the addictive drug being prescribed to a wide array of patients who did not have cancer.
The states withdrew those objections after BTcP's owner, Michael Burke, committed to restrictions on the marketing and distribution of Subsys to ensure it is only prescribed for cancer patients.
Insys filed for Chapter 11 bankruptcy protection in June shortly after striking a $225 million settlement with the U.S. Justice Department resolving claims it bribed doctors to prescribe Subsys to patient who often did not have cancer.
Several former executives and employees of Insys have faced criminal charges, including John Kapoor, Insys' wealthy founder and former chairman, who with four other former executives was convicted of racketeering conspiracy in May.
Kapoor has denied wrongdoing and is expected to appeal.
(Reporting by Nate Raymond in Boston; Editing by Noeleen Walder and Cynthia Osterman)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Stephen Nellis (Reuters) -Apple Inc on Monday said it will offer the ability to store state-issued identification cards digitally on iPhones and that it is working with the U.S. Transportation Security Administration to accept the digital IDs at airports, one of several updates to the software that runs on its devices. It also showed updates to its FaceTime video chat app, adding the ability to schedule calls with multiple attendees and making the software compatible with Android and Windows devices.
LONDON (Reuters) - The bosses of all airlines flying passenger services between Britain and the United States called on Monday for the countries' governments to relax COVID-19 restrictions to reopen travel routes between the two countries. After more than a year of restrictions, the CEOs of American Airlines, IAG unit British Airways, Delta Air Lines, United Airlines and JetBlue Airways Corp said high vaccination rates in both countries meant travel could restart safely. The push for reopening trans-Atlantic routes on Monday comes ahead of meetings between U.S.
BRUSSELS (Reuters) - The European Union's patience towards Britain over Brexit arrangements in Northern Ireland is wearing thin and the bloc will consider its options should Britain continue its "confrontational path", an EU official said on Monday.