Bankruptcy court approves Insys Therapeutics to sell opioid
Topics: BAN INSYS THERAPEUTICS OPIOID
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.” ■