Pharma bonds mixed following Teva opioid settlement; Endo mostly lower; Bausch improves

By Cristal Cody

Tupelo, Miss., July 27 – Pharmaceutical bonds headed out mixed in the distressed space on Wednesday following another opioid-related settlement from Teva Pharmaceutical Industries Ltd.

The National Prescription Opiate Litigation Plaintiffs Executive Committee on Tuesday announced a $3.7 billion nationwide opioid-related settlement with Teva.

Teva’s bonds rallied about ½ point to 5¼ points on heavy secondary volume of more than $77 million, a source said.

Teva Pharmaceutical Finance Co. LLC’s 6.15% senior notes due 2036 (Ba2/BB-) traded more than 4¾ points higher at a print of 89.85.

Mallinckrodt plc noted that it is the first company that has permanently resolved opioid litigation on a global scale after the manufacturer resolved all opioid-related claims it faced when it emerged from Chapter 11 bankruptcy in June.

Endo International plc’s paper traded ¼ point lower to ¾ point better as the company faces default following missed interest payments on two bonds, a source said.

Endo subsidiary Par Pharmaceutical Inc.’s 7½% senior secured first-lien notes due 2027 (Caa2/CC) fell ½ point to 80¼ bid.

Pharmaceutical company Bausch Health Cos. Inc.’s senior notes (B3/B-/B) traded about ½ point to 1 point higher on Wednesday, a source said.

The company’s 5% issue due 2029 was more than ½ point better at 53 bid.

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