Purdue Pharma, the company that makes the opioid painkiller OxyContin, has filed for bankruptcy, CNN reports.
The filing is part of the company’s plan to settle litigation involving more than 2,000 cases brought by states, counties, municipalities and Native American governments. The plaintiffs in those cases say Purdue Pharma fueled the opioid epidemic. Under the settlement, the company will provide more than $10 billion in funding to address the opioid crisis.
Purdue also plans to create a company called NewCo, which will produce medicines to reverse overdoses, and will continue to develop an over-the-counter version of naloxone at little to no cost to communities across the country, according to a company statement.