OxyContin maker Purdue Pharma dissolves after judge approves criminal sentence

3 hours ago

Purdue Pharma, maker of OxyContin, will dissolve by week's end following a federal judge's approval of its criminal sentence as part of a legal settlement.
The settlement resolves thousands of lawsuits and includes up to $7 billion from the Sackler family over 15 years, with most funds directed toward fighting the opioid crisis.
Purdue admitted to lacking an effective program to prevent diversion of painkillers to the black market and paid doctors to prescribe opioids, leading to an epidemic linked to over 900,000 deaths.
Victims and families criticized the settlement for lacking individual punishment and justice, with some unable to claim payments due to lost medical records.
The new company, Knoa Pharma, will replace Purdue, focus on public good, and release internal documents, while Sackler family names may be removed from institutions.

Hasty Briefsbeta