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Chandler opioid maker files for bankruptcy protection

Tablets on dollar bills (treatment, addiction, aging - concept).
Posted at 10:28 AM, Jun 11, 2019
and last updated 2019-06-11 13:28:16-04

A troubled Chandler-based pharmaceutical firm that has been at the center of ongoing lawsuits and other action related to the national opioid epidemic has filed for bankruptcy protection.

In a regulatory filing Monday, Insys Therapeutics said it has sought Chapter 11 protection to facilitate a sale of most of its assets and address its legacy obligations such as a recent multimillion-dollar settlement with the federal government.

The company this month admitted to bribing doctors to write additional prescriptions for Subsys, a highly addictive fentanyl-based spray originally approved for cancer patients.

As part of that admission, the company agreed to pay $225 million to the federal government to settle civil and criminal cases.

Read more about Insys from the Phoenix Business Journal.