Med-Systems Assoc history

Its history actually begins in 1920 with a family-run pharmaceutical company called Intravenous Products of America, Inc.

The company later relocated to Long Island and changed its name to Endo Products in 1935.

The Palo Alto-based company was founded under the name Varian Associates in 1948 by brothers Russell and Sigurd Varian and others, including a number of Stanford University researchers.

1950 Launch of Percodan — a combination (aspirin and oxycodone) painkiller

Ortenzio got his start in the rehabilitation business in 1958, when he began working as an independent physical therapist.

1970 E.I. du Pont de Nemours & Company (DuPont) acquires Endo

1971 Percocet is launched

In 1985 the second of these enterprises, the Rehab Hospital Services Corporation, was sold to National Medical Enterprises.

Also at this time, CMS completed an agreement first made in 1986 to acquire the Drew Village Nursing Home.

On September 1, 1987, the company bought the Helen Wilkes Residence, an 85-bed skilled nursing home in Lake Park, Florida.

In June 1988, the company announced a leveraged buy-out of the rest of its nursing home properties by the division's management.

In May 1989, Ortenzio passed the baton of company leadership to his son, Robert A. Ortenzio, who became the company's president and chief executive officer, while his father remained chairman.

In July 1990, the Fort Worth Rehabilitation Hospital opened its doors.

To finance further growth, CMS sold additional shares of stock to the public, and transferred its listing to the New York Stock Exchange on June 21, 1991.

From these operations, and its other fields of activity, CMS reaped $658 million in revenues in fiscal 1992.

By June 1993, CMS's revenues had grown to $901 million, and the company anticipated that it would pass the $1 billion mark in the next year.

The generic division was officially formed in early 1994.

1997 Three executives from DuPont Merck acquire certain products from the company in a management buyout and Endo begins operations.

Lidoderm, an adhesive patch containing a 5 percent lidocaine solution, became another success for the company, which gained FDA approval and began marketing the product in 1999.

Endo is also always looking for external growth, and with the 2000 acquisition of Algos Pharmaceutical Corporation, a New Jersey-based company also specializing in pain management, Endo became a publicly-traded company.

In 2001, Lidoderm sales reached $40 million and by the following year sales had more than doubled to $83.2 million.

2002 Endo establishes first internal sales force and reaches $1 billion in sales.

2006 Endo receives FDA approval for Opana and Opana ER; acquisition of RxKinetix Inc. broadens Endo’s pipeline with supportive-care oncology products.

2008 Company obtains exclusive rights to Voltaren Gel (diclofenac — a nonsteroidal anti-inflammatory drug (NSAID) — in a topical form) from Novartis

In 2010, the Minnesota-based company reported $542.3 million in revenues and $87 million in net income.

2012 Company announces corporate name change to Endo Health Solutions.

Endo expected to see a minimum of $50 million by 2013 in savings to operating costs after the merger.

Bloomberg News. (2014). Endo Health Solutions settles lawsuits over vaginal mesh implants.

In April 2015, Boston Scientific closed a deal with Endo International to acquire AMS’s Men’s Health and Prostate Health businesses for the purchase price of $1.6 billion in up-front cash.

But in early 2016, the Philadelphia Business Journal reported that the company set aside $1.53 billion to cover legal costs at the end of the quarter.

2017 Projected Revenues $3.45 billion to $3.60 billion