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Wednesday, June 19, 2024

Purdue Pharma is no longer in business, and Sacklers has agreed to pay $4.5 billion to settle opioid claims.

A bankruptcy deal reached on Wednesday with Purdue Pharma, the manufacturer of the highly addictive drug OxyContin, would force the company’s owners, members of the Sackler family, to contribute billions of dollars to the fight against the deadly opioid crisis.

A nine-year period has been established for the payment of the $4.5 billion settlement sum, which includes federal settlement costs, by the Sackler family. Purdue Pharma will be restructured, and it is virtually likely that it will be renamed, with no Sackler able to have any influence over the new organisation. Profits from the new pharmaceutical will also be donated to addiction treatment facilities.

After more than six hours on the bench, U.S. Bankruptcy Judge Robert Drain indicated he would accept the plan if two technical modifications were addressed. If such is the case, he said that he would officially enter the decision on Thursday..

More than 3,000 lawsuits brought by state and local governments, Native American tribes, hospitals, labour unions, and other organisations contributed to the company’s bankruptcy filing almost two years ago. They accuse Purdue Pharma of contributing to the problem by aggressively promoting sales of its best-selling prescription opioid.

Jonathan James
Jonathan James
I serve as a Senior Executive Journalist of The National Era
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