Purdue Pharma Set to Dissolve in Opioid Crisis Deal

On November fifteenth, a significant development unfolded in the long-running saga surrounding Purdue Pharma, the maker of OxyContin. A United States bankruptcy judge is set to approve a deal that will resolve thousands of lawsuits against the company, ultimately leading to its dissolution. This marks a pivotal moment for a company widely blamed for its role in fueling the deadly opioid crisis across the nation. The Sackler family, who owned Purdue for decades, will contribute between six point five billion and seven billion dollars, while the company itself will pay nine hundred million dollars. A separate fund of eight hundred sixty-five million dollars will be established to compensate victims directly. The remnants of Purdue Pharma will transform into a new entity called Knoa Pharma, a foundation-owned company dedicated to providing treatments for opioid use disorder and overdose reversal medicines. The Daily News Now! - Every city. Every story. AI Powered. Hosted on Acast. See acast.com/privacy for more information.