After the FDA ordered Endo International to remove Opana ER from the market in June, the drugmaker ordered to voluntarily do so on July 6.
Here's what you should know:
1. Endo made the decision after further consulting with the FDA. The FDA alleged that Opana ER was being heavily abused.
2. The company believes it'll field a pre-tax impairment charge of $20 million in the second quarter of fiscal year 2017. The charge will write-off the net book value of the drug.
3. Endo and the FDA are going to coordinate their removal efforts to ensure minimal treatment disruptions.
4. The opioid painkiller is approximately two times as powerful as OxyContin. The FDA approved the drug in 2006.
5. In a release the company said, "Endo reiterates that neither the FDA's withdrawal request nor Endo's decision to voluntarily remove Opana ER from the market reflect a finding that the product is not safe or effective when taken as prescribed. To the contrary, Endo remains confident in the clinical research and other data demonstrating Opana ER's safety and efficacy, as well as its favorable risk-benefit profile when used as intended in appropriate patients."