Insys Therapeutics

11 biotech companies have filed for bankruptcy so far in 2019

Eleven biopharmaceutical companies have filed for bankruptcy so far in 2019, the most in a single year within the past decade, according to a new series from BioPharma Dive.

Why it matters: It’s rare for biotechs to go under because they have so much access to extra funding. But more firms have hit dead ends.

Opioid maker Insys files for bankruptcy

Opioid manufacturer Insys has filed for bankruptcy — which means it will only pay out a portion of its recent $225 million settlement with the federal government, the Wall Street Journal notes.

Why it matters: Insys executives have been found guilty of bribing doctors to prescribe its painkiller, Subsys, and the legal fallout has now forced the company into bankruptcy. And it's just the tip of the iceberg: State officials still have their sights set on big drug distributors and other manufacturers — most notably Purdue Pharma.