The company, owned by the billionaire Sackler family , faces more than 2, lawsuits, including actions from nearly all US states and many local governments, which allege Purdue falsely promoted OxyContin by downplaying the risk of addiction. The public health crisis claimed the lives of nearly , people between and , according to the latest US data.
The chapter 11 bankruptcy filing, made on Sunday night in White Plains, New York, is designed to halt the lawsuits. It will operate a reformed company, whose board will be selected by the claimants and approved by the bankruptcy court.
OxyContin maker filing for bankruptcy may shed light on wrongdoings
Money generated by the new firm could be used for drug treatment. The bankruptcy court will decide how the money is allocated among the states, cities and counties. Their contribution became a sticking point during the discussions.
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We will continue to work with state attorneys general and other plaintiff representatives to finalise and implement this agreement as quickly as possible. Purdue said the deal was backed by 24 states and five US territories, as well as lead lawyers for more than 2, cities, counties and other plaintiffs.
However, two dozen states remain opposed or uncommitted to the proposed settlement. But in a statement to NPR on Sunday, the drug company suggested a deal might still be possible.
OxyContin Drugmaker Purdue Pharma Files for Bankruptcy
Over the weekend, Pennsylvania attorney general Josh Shapiro, one of the four state attorneys general involved in negotiations, said he intends to sue the family. Love said she had rejected the offer. The Sacklers have previously rejected allegations that they bear some responsibility for the opioid crisis. Topics Opioids crisis.
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