OxyContin Maker Files for Bankruptcy

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.

Full story at Partnership for Drug-Free Kids

OxyContin Maker Purdue Pharma Agrees to Tentative Opioid Lawsuit Settlement

OxyContin maker Purdue Pharma has reached a tentative settlement worth billions of dollars to resolve thousands of lawsuits brought by state and local governments who sued the drug company for its role in the opioid epidemic.

At least 16 state attorneys general said they have not agreed to the deal, NBC News reports.

Under the proposed settlement, the Sackler family, which owns Purdue, would give up control of the company, which would declare bankruptcy. Future revenue from the sale of OxyContin would go into a trust designed to assist communities hard hit by the opioid crisis.

Full story at Partnership for Drug-Free Kids