Purdue Pharma votes for bankruptcy plan to pay for its role in US opioid crisis

pharmafile | July 27, 2021 | News story | Manufacturing and Production  

Oxycontin makers Purdue Pharma have voted in favour of its bankruptcy reorganisation plan that will provide billions of dollars to repay for its devastating role in the opioid crisis.

In preliminary voting results, more than 95% of the 120,000-plus votes submitted were in favour of the plan, as reported in Reuters.

The final results are expected on 2 August, but it’s unlikely any changes will occur.

Purdue’s aim is to resolve around 3,000 lawsuits from US communities who accuse the company and its wealthy Sackler family owners of contributing to and fuelling the opioid crisis.

According to the US Centers for Disease Control and Prevention, opioids have claimed the lives of around 500,000 people since 1999.

Purdue and the Sackler family have denied the allegations and value the bankruptcy plan at more than $10 billion.

The plan would dissolve the company and shift assets to trusts run on behalf of the plaintiffs that alleged the company and its owners aggressively marketed the painkiller OxyContin while ignoring its abuse and overdose risks.

Steve Miller, Chairman of Purdue Pharma, said: “This is an unprecedented expression of support for a restructuring of this size and complexity, in favour of a Plan that will provide needed resources to those affected by the opioid crisis.

“The preliminary voting results demonstrate a broad consensus among every organised creditor group in these proceedings, and we will continue to work for even greater consensus ahead of the confirmation hearings.”

Lilly Subbotin

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