Endo, Inc., a newly formed entity, today announced that it has successfully completed the previously announced acquisition of substantially all of the assets of Endo International plc ("EIP"), as contemplated under EIP's plan of reorganization (the "Plan"). With the Plan's effectiveness, EIP's operating assets have exited the Chapter 11 financial restructuring process with significantly reduced outstanding indebtedness and resolution of EIP's pre-bankruptcy litigation overhang.
Following today's closing, Endo is poised for sustained growth and is strategically positioned to operate with a strong balance sheet, a broad, diversified portfolio of on-market medicines across its four segments, a deep pipeline of innovative and differentiated product candidates, and a highly skilled team.
"We believe Endo is well positioned to create value for our stakeholders over the long-term as we execute on our strategic priorities," said Blaise Coleman, Endo, Inc.'s President and Chief Executive Officer. "In particular, we are focused on growing our Branded Pharmaceuticals segment, anchored by XIAFLEX®, reviving growth in our Sterile Injectables segment through the launch of differentiated new products, and leveraging our improved balance sheet to drive new growth investments."
The Endo Board of Directors is comprised of seven members, including six independent directors. A full listing of Endo's Board members and their biographical information can be found here.
Endo is currently a privately held company but has begun the process of listing its equity on a national stock exchange.
Mr. Coleman concluded, "I would like to extend my sincere thanks to all of our team members. Through their passion, commitment and hard work, we successfully moved our business forward during the financial restructuring process while remaining focused on helping everyone we serve live their best lives."
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.
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