Insys Therapeutics

Pharmaceutical Executives Face Prison Time In Case Linked To Opioid Crisis

John Kapoor, the former billionaire who founded drugmaker Insys Therapeutics, is among the executives to be sentenced for racketeering.

Insys Therapeutics founder John Kapoor departs federal court in Boston, Jan. 30. On Monday the company filed for Chapter 11 bankruptcy, saying it needs to sell its assets to pay back creditors. Kapoor, who was convicted last month of racketeering, owns more than 63% of the company. Steven Senne/AP

National News

Pharma Company Insys Files For Chapter 11, Days After Opioid Settlement Of $225 Million

The maker of a highly addictive fentanyl-based drug wants to sell its assets to pay some $250 million in debts. The move could let the company out of part of the settlement deal reached last week.

Insys, the maker of fentanyl-based Subsys, agreed to a $225 million settlement with the federal government to resolve criminal and civil investigations of the company's role in the opioid crisis. Reuters

National News

Opioid Maker Insys Admits To Bribing Doctors, Agrees To Pay $225 Million Settlement

The company agreed to make the payments to resolve federal criminal and civil investigations of its marketing practices. Five of its executives were convicted separately for the same practices.