Purdue preps bankruptcy as opioid settlement bid stumbles

pharmaphorum | September 05, 2019

Purdue Pharma is reported to be preparing to file for bankruptcy amid resistance to its $10-$12 billion offer to settle lawsuits related to the opioid crisis. Several states and cities have reportedly already rejected its settlement bid, according to news agency Reuters, and Purdue is now gearing up for a Chapter 11 submission before the end of this month while it waits for the final verdict on its offer. At the same time Mallinckrodt – another company embroiled in the thousands of pending lawsuits claiming pharma companies fuelled the opioid epidemic by encouraging over-prescribing of the drugs – is also eyeing bankruptcy protection, says Bloomberg. Purdue, which is the manufacturer of the widely-prescribed opioid painkiller OxyContin (oxycodone), made its settlement offer last month but has to get the deal backed by at least 35 state attorneys to get it accepted, and some states – reportedly New York and Massachusetts – have already rejected it outright. Filing for bankruptcy would stall pending lawsuits, including one due to start next month in Ohio, and could leave plaintiffs trying to tease cash out of the business if it goes into liquidation. Some industry observers have suggested the bankruptcy plan is a tactic by Purdue to try to win over more states to its settlement offer.

Spotlight

In 2014, pharmaceutical industry gross value added was USD 452.8 billion industry value added is almost the same size as the economy of Argentina The global pharmaceutical industry employed over 5 million people and paid USD 97.2 billion in salaries in 2014 (including generics).

Spotlight

In 2014, pharmaceutical industry gross value added was USD 452.8 billion industry value added is almost the same size as the economy of Argentina The global pharmaceutical industry employed over 5 million people and paid USD 97.2 billion in salaries in 2014 (including generics).

Related News

PHARMACY MARKET

Alcami Adds Additional Formulation Development Capabilities

Alcami Corporation | March 02, 2022

Alcami, a U.S.-based pharmaceutical contract development and manufacturing organization announced the addition of a 3,800 ft² Non-GMP Formulation Development Laboratory (FDL). The dedicated Non-GMP formulation development space, which is co-located within the same facility as Alcami's parenteral manufacturing operation that offers four isolator filling lines for liquid and lyophilized products, is ready to support customers with Preclinical and Clinical development programs. "This is a truly a unique offering that will provide our clients' current and future development programs with flexibility, speed, and a streamlined progression throughout the drug development lifecycle," Louise Hall, Vice President of Formulation Development & Technology Transfer at Alcami Corporation Alcami's Non-GMP Formulation Development Laboratory is outfitted with a high potency suite, lyophilization cycle development center, stability chambers to facilitate lead candidate selection, and the equipment to support a wide variety of research and early-phase development activities, including bench-scale manufacturing of drug product to support Preclinical studies. Furthermore, it is fully integrated within Alcami's RTP campus, encompassing over 100,000 ft². "We are pleased to provide our clients with a seamless transition from characterization to formulation and analytical development through GMP manufacturing and analytical release," added Louise Hall. About Alcami Alcami is a contract development and manufacturing organization headquartered in North Carolina with over 40 years of experience advancing products through every stage of the development lifecycle. Leveraging 675,000 ft² across the United States, Alcami serves pharmaceutical and biotech companies of all sizes providing customizable and innovative solutions for analytical development, clinical to commercial sterile and oral solid manufacturing, packaging, microbiology, cGMP biostorage, environmental monitoring, and pharmaceutical support services. Alcami's private equity ownership includes Madison Dearborn Partners and Ampersand Capital Partners.

Read More

PHARMACY MARKET

Jubilant HollisterStier LLC enters into cooperative agreement of $149.6 Mn with US Government to expand critical vaccine manufacturing capacity

Jubilant Pharmova Limited | May 31, 2022

Jubilant Pharmova Limited has announced today that Jubilant Pharma Limited, a wholly owned subsidiary of the Company, through one of its wholly owned subsidiaries, Jubilant HollisterStier LLC, (JHS) a leading US-based pharmaceutical contract manufacturer has entered into a cooperative agreement for $149.6 million (USD) with the Army Contracting Command, in coordination with the Joint Program Executive Office for Chemical, Biological, Radiological, and Nuclear Defense (JPEO-CBRND) on behalf of the Biomedical Advanced Research and Development Authority (BARDA), within the US Department of Health and Human Services. The effort was funded under the American Rescue Plan, this agreement will enable the Company to double its injectable filling production capacity at a total cost of $193 million, at its Spokane, Washington manufacturing facility. This will be completed by 2025. This agreement is in addition to the $92 million filling line expansion announced in November 2021, which will be commercially available by the end of 2024. "Jubilant HollisterStier LLC is committed to making the US pharmaceutical supply chain more resilient with domestic manufacturing facilities and less reliant on foreign suppliers. Jubilant HollisterStier has a long history of supporting the US Department of Health and Human Services (HHS) and Department of Defense (DOD) biodefense and medical countermeasure programs, including production for national preparedness efforts. We are proud to support the US government in their efforts of making the US more prepared and ready for future pandemics." Speaking on the announcement, Pramod Yadav, CEO, Jubilant Pharma Limited "Jubilant HollisterStier LLC's expansion will target large Pharmaceuticals and Biotech companies for parenteral products as well as feature a flexible manufacturing platform able to produce several types of vaccines (live, mRNA and inactivated/subunit). We are committed to investing in capability and capacity. This investment will ensure our ability and flexibility to speedily produce quality vaccines and treatments for our customers and be better prepared for any future threats to the country," shared Amit Arora, President, Contract Manufacturing Organization (CMO), Jubilant HollisterStier LLC. About Jubilant HollisterStier LLC Jubilant HollisterStier LLC, a subsidiary of Jubilant Pharma Limited, is a leading integrated contract manufacturer of sterile injectables, ophthalmics, optics, sterile and non-sterile topicals and liquids. With facilities in North America, Jubilant HollisterStier LLC provides specialized manufacturing for the pharmaceutical and biopharmaceutical industries. Services include a full range of support to streamline manufacturing, from process qualifications through commercial release. About Jubilant Pharma Limited Jubilant Pharma Limited, a Company incorporated under the laws of Singapore and a wholly-owned subsidiary of Jubilant Pharmova Limited, is an integrated global pharmaceutical company engaged in manufacturing and supply of Radiopharmaceuticals with a network of radio-pharmacies in the US, Allergy Immunotherapy, Contract Manufacturing of Sterile Injectables and Non-sterile products, APIs and Solid Dosage Formulations through six manufacturing facilities that cater to all the regulated market including USA, Europe and other geographies. The Company has a team of over 4,600 multicultural people across the globe and is committed to delivering value to its customers spread across over 75 countries. It is well recognized as a 'Partner of Choice' by leading pharmaceutical companies globally. About Jubilant Pharmova Limited Jubilant Pharmova Limited is a company engaged in Pharmaceuticals, Contract Research and Development Services and Proprietary Novel Drugs businesses. Pharmaceuticals business through Jubilant Pharma Limited Singapore (JPL) is engaged in manufacturing and supply of Radiopharmaceuticals with a network of 48 radio-pharmacies in the US, Allergy Immunotherapy, Contract Manufacturing of Sterile Injectables and Non-sterile products, APIs and Solid Dosage Formulations through six manufacturing facilities that cater to all the regulated market including USA, Europe and other geographies. Jubilant Biosys Limited provides contract research and development services through two world class research centers in Bangalore and Noida in India. Jubilant Therapeutics is involved in Proprietary Novel Drugs business and is an innovative biopharmaceutical company developing breakthrough therapies in the area of oncology and auto-immune disorders. Jubilant Pharmova Limited has a team of over 6,000 multicultural people across the globe. The Company is well recognized as a 'Partner of Choice' by leading pharmaceuticals companies globally.

Read More

RESEARCH

Stallergenes Greer and Aptar Pharma Announce Partnership to Develop Novel Connected Device for Allergen Immunotherapy Treatment Delivery

STALLERGENES GREER LTD | October 27, 2021

Stallergenes Greer, a global healthcare company specialising in allergen immunotherapy (AIT), today announced that the company has entered into an exclusive partnership with Aptar Pharma, a global leader in drug delivery systems, services and active material science solutions, for the development of the first of its kind connected device and companion mobile app for patients undergoing Stallergenes Greer’s AIT treatments with sublingual solutions. “This exclusive partnership with Aptar Pharma demonstrates the intensification of Stallergenes Greer’s investments in innovation to provide a large range of precise personalised allergen immunotherapy options adapted to the individual needs and lifestyle of patients. Stallergenes Greer is well advanced on its digital transformation journey and will continue to develop its e-health offering for the benefit of all stakeholders,” stated Dominique Pezziardi, General manager France, Belgium and Luxembourg, Global Head of Pricing and Market Access. Non-adherence to an AIT schedule and premature discontinuation of treatment remain a challenge in AIT management. This innovative, easy-to-use connected device will contribute to improving dose compliance and adherence, thus optimising treatment outcomes. The development work is being undertaken by Aptar Pharma’s Digital Health group, which has capabilities and expertise in device and software development. The product will leverage Aptar Pharma’s Cohero platform, which will be tailored specifically for this use. “We are pleased to combine Aptar Pharma’s Digital Health ecosystem with Stallergenes Greer’s knowledge and leading position in AIT to further improve the treatment journey of patients who suffer from allergiesThe newly developed connected device should be available in France in 2022 and will be progressively rolled-out in Stallergenes Greer’s markets. Sai Shankar, Vice President, Global Digital Healthcare Systems, Aptar Pharma This innovation further illustrates Stallergenes Greer’s commitment to build on precision medicine and personalised healthcare which cater to the needs of both patients and the medical community. ABOUT STALLERGENES GREER LTD Headquartered in London (UK), Stallergenes Greer Ltd is a global healthcare company specialising in the diagnosis and treatment of allergies through the development and commercialisation of allergy immunotherapy products and services. Stallergenes Greer Ltd is the parent company of Greer Laboratories, Inc. (whose registered office is in the United States) and Stallergenes SAS (whose registered office is in France). ABOUT APTAR PHARMA Aptar Pharma is part of Aptar Group Inc., a global leader in the design and manufacturing of a broad range of drug delivery, consumer product dispensing and active material science solutions. Aptar’s innovative solutions and services serve a variety of end markets including pharmaceutical, beauty, personal care, home, food and beverage. Using insights, proprietary design, engineering and science to create dispensing, dosing and protective technologies for many of the world’s leading brands, Aptar in turn makes a meaningful difference in the lives, looks, health and homes of millions of patients and consumers around the world. Aptar is headquartered in Crystal Lake, Illinois and has 13,000 dedicated employees in 20 countries.

Read More