In May, Insys founder and former Chief Executive Officer John Kapoor, 75, and four former executives were convicted of engaging in a racketeering conspiracy. (Photo: Shutterstock)
Insys Therapeutics Inc. filed for bankruptcy protection after agreeing to pay hundreds of millions of dollars to settle a probe by U.S. prosecutors over the promotion of its highly addictive opioid painkiller.
Court papers filed Monday in Delaware by the drugmaker, whose former executives were convicted of bribing doctors, list at least $175.1 million in assets and $262.5 million in liabilities. Chapter 11 protection will allow the company to keep operating while it devises a plan to pay its obligations, including to the U.S. Justice Department, and to divest its fentanyl painkiller Subsys.
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