Skip to NavigationSkip to content

Opioid drugmaker Purdue Pharma files for bankruptcy

Published on 16/09/19 at 11:27am

In the face of thousands of lawsuits in its role in the opioid addiction crisis, Purdue Pharma   announced yesterday that it has filed for bankruptcy, stating funds would go to the 24 states and thousands of cities and counties that are seeking damages from the sale of its opioid painkiller drug OxyContin.

Steve Miller, Chairman of the company’s board of directors, said in a statement: “This unique framework for a comprehensive resolution will dedicate all of the assets and resources of Purdue for the benefit of the American public.

“This settlement framework avoids wasting hundreds of millions of dollars and years on protracted litigation, and instead will provide the billions of dollars and critical resources to communities across the country trying to cope with the opioid crisis.”

Miller reminded the public that the company has not admitted wrongdoing and does not intend to: “The resumption of litigation would rapidly diminish all the resources of the company and would be lose-lose-lose all the way around. Whatever people might wish for is not on the table now.”

In spite of that agreement, many states and numerous other plaintiffs have declined to accept the deal.

The current lawsuits against Purdue will likely be frozen and their claims shifted into a bankruptcy court.

Usually in cases like this, a bankruptcy judge works to create a deal that ensures all the plaintiffs suing a company get the same amount of the company’s assets proportionate to their claims; however, given the number of refusals to accept the deal, the fight over the bankruptcy is likely to be vicious.

The Sackler family, owners of Purdue, commented: “We are hopeful that in time, those parties who are not yet supportive will ultimately shift their focus to the critical resources that that the settlement provides to people and problems that need them.”

What is of concern now is whether lawsuits against the Sacklers in state courts can move ahead, and what will actually happen to Purdue Pharma itself; under the tentative settlement deal, it might continue to operate with profits used to pay for the settlement, or another option could be for it to be sold entirely.

Since OxyContin was released in 1996, addiction and overdoses have increased dramatically: in both 2017 and 2018 opioids were involved in over 47,000 deaths according to the US Centers for Disease Control and Prevention.

Earlier in June, another company that manufactures opioids, Insys Therapeutics, filed for bankruptcy just days after reaching a $225 million settlement with the federal government over a kickback scheme.

Nik Kiran


Interesting and amazing how your post is! It Is Useful and helpful for me That I like it very much, and I am looking forward to Hearing from your next.. situs judi bola gelinding

Excellent .. Amazing .. I’ll bookmark your blog and take the feeds also…I’m happy to find so many useful info here in the post, we need work out more techniques in this regard, thanks for sharing. Connecticut Pest Control

Positive site, where did u come up with the information on this posting? I'm pleased I discovered it though, ill be checking back soon to find out what additional posts you include. Traditional 401k

I am very much pleased with the contents you have mentioned. I wanted to thank you for this great article. indonesia diving

Great articles and great layout. Your blog post deserves all of the positive feedback it’s been getting. bridesmaid dresses

Nice post mate, keep up the great work, just shared this with my friendz manhattan printing

Hello I am so delighted I located your blog, I really located you by mistake, while I was watching on google for something else, Anyways I am here now and could just like to say thank for a tremendous post and a all round entertaining website. Please do keep up the great work. rekey Naperville

An fascinating discussion is value comment. I think that it is best to write extra on this matter, it won’t be a taboo topic however generally people are not enough to talk on such topics. To the next. Cheers military aircraft models

Interesting and amazing how your post is! It Is Useful and helpful for me That I like it very much, and I am looking forward to Hearing from your next.. instagram picture downloader

I can’t imagine focusing long enough to research; much less write this kind of article. You’ve outdone yourself with this material. This is great content. insurance repair auto collision shop

Good website! I truly love how it is easy on my eyes it is. I am wondering how I might be notified whenever a new post has been made. I have subscribed to your RSS which may do the trick? Have a great day! loveaholics

Wow, this is really interesting reading. I am glad I found this and got to read it. Great job on this content. I like it. CoolVu Window Film

That is really nice to hear. thank you for the update and good luck. Party Equipment Rental Service

Hey what a brilliant post I have come across and believe me I have been searching out for this similar kind of post for past a week and hardly came across this. Thank you very much and will look for more postings from you. Young adult psychologist orange county

The website is looking bit flashy and it catches the visitors eyes. Design is pretty simple and a good user friendly interface. RADIATORS FOR TRUCKS

Its a great pleasure reading your post.Its full of information I am looking for and I love to post a comment that "The content of your post is awesome" Great work. blue lacrosse balls

I read that Post and got it fine and informative. skin tightening

It is imperative that we read blog post very carefully. I am already done it and find that this post is really amazing. piano teacher

Your website is really cool and this is a great inspiring article. Thank you so much. tankless water heater palm springs

Great Article it its really informative and innovative keep us posted with new updates. its was really valuable. thanks a lot. Old phones

Thank you very much for the sharing! COOL.. Fun Cabin Rentals

Absolutely fantastic posting! Lots of useful information and inspiration, both of which we all need!Relay appreciate your work. buy facebook video views

I wanted to thank you for this excellent read!! I definitely loved every little bit of it. I have you bookmarked your site to check out the new stuff you post. cracker barrel employee schedule online login

I recently found many useful information in your website especially this blog page. Among the lots of comments on your articles. Thanks for sharing. security services in Nottingham

This is a smart blog. I mean it. You have so much knowledge about this issue, and so much passion. You also know how to make people rally behind it, obviously from the responses.

hi was just seeing if you minded a comment. i like your website and the thme you picked is super. I will be back. cheapest poster printers near me

This is a great inspiring article.I am pretty much pleased with your good work.You put really very helpful information. Keep it up. Keep blogging. Looking to reading your next post.

This blog is so nice to me. I will keep on coming here again and again. Visit my link as well.. puppy store near me

I can set up my new idea from this post. It gives in depth information. Thanks for this valuable information for all,.. Holm Law Group San Diego

Superbly written article, if only all bloggers offered the same content as you, the internet would be a far better place.. mywegmansconnect sign in

You know your projects stand out of the herd. There is something special about them. It seems to me all of them are really brilliant! Rain on a Tin Roof

Super-Duper site! I am Loving it!! Will come back again, Im taking your feed also, Thanks. Blue Noise

Thanks for taking the time to discuss this, I feel strongly about it and love learning more on this topic. voyance web

Fantastic blog! Do you have any tips and hints for aspiring writers? I’m planning to start my own website soon but I’m a little lost on everything. Would you propose starting with a free platform like WordPress or go for a paid option? There are so many options out there that I’m completely overwhelmed .. Any suggestions? Many thanks! PULSAR AQUÍ

This was a really great contest and hopefully I can attend the next one. It was alot of fun and I really enjoyed myself.. 4kcomputermonitor

Thanks for sharing nice information with us. i like your post and all you share with us is uptodate and quite informative, i would like to bookmark the page so i can come here again to read you, as you have done a wonderful job. hasta yatağı kiralama

Interesting post. I Have Been wondering about this issue, so thanks for posting. Pretty cool post.It 's really very nice and Useful post.Thanks Law firm in Lagos

I have read your article, it is very informative and helpful for me.I admire the valuable information you offer in your articles. Thanks for posting it.. buy domain names

Auf welche Sportarten kann ich online wetten? online casino 20 euro gratis

Most of the time I don’t make comments on websites, but I'd like to say that this article really forced me to do so. Really nice post! best website builder programs

You have a real ability for writing unique content. I like how you think and the way you represent your views in this article. I agree with your way of thinking. Thank you for sharing. Judi Online

i am for the first time here. I found this board and I in finding It truly helpful & it helped me out a lot. I hope to present something back and help others such as you helped me. great post to read boat in greece

Great post, and great website. Thanks for the information! how to win at sports betting free

Thanks you very much for sharing these links. Will definitely check this out.. 안전공원

Excellent article. Very interesting to read. I really love to read such a nice article. Thanks! keep rocking. you can get it for free from

This is highly informatics, crisp and clear. I think that everything has been described in systematic manner so that reader could get maximum information and learn many things. Judi Online

Logo digitizing or digitizing services is our job. Our group of embroidery digitizers concentrate on little text digitizing, 3-D embroidery digitizing, appliqué digitizing, and all other digitizing techniques for all feasible clothes short articles’ placement like left chest logos, jacket back logos, patches on different textiles, structures, style clothing, and so on. We do logo digitizing and also offer embroidery digitizing service; we have actually digitized 100,000 plus logos since 2008.

Houston Embroidery Service makes state of the art custom patches for every need. We do custom work for promotional companies, advertising agencies, signs and graphics, embroidery and screen printing, SAGE, ASI, PPAI distributors, and local retailers. We create iron on patches for companies and organizations of all sizes all over the US in all 50 states. We even create iron on patches for apparel manufacturers. They use our labels to decorate their famous clothing. When you need outstanding custom patches, let Houston Embroidery be your trusted supplier. custom patches for hats

Superbly written article, if only all bloggers offered the same content as you, the internet would be a far better place.. win 10 passwort knacken

I have read your blog it is very helpful for me. I want to say thanks to you. I have bookmark your site for future updates. leanvpn

Mission Statement is a leading portal for the pharmaceutical industry, providing industry professionals with pharma news, pharma events, pharma service company listings and pharma jobs,
Site content is produced by our editorial team exclusively for and our industry newspaper Pharmafocus. Service company profiles and listings are taken from our pharmaceutical industry directory, Pharmafile, and presented in a unique Find and Compare format to ensure the most relevant matches