Purdue Pharma and Governments Agree on $12 Billion Deal

OxyContin

CBJ — OxyContin maker Purdue Pharma has reached a tentative $12 billion deal with more than 20 U.S. states and thousands of local governments over its role in America’s deadly opioid epidemic.

However, several state attorneys general clouded prospects for an end to litigation against the company and the family that owns it.

Arizona Attorney General Mark Brnovich said the agreement included more money from the Sackler family, which had become a sticking point during the recent talks.

It appears that Stamford, Connecticut.-based Purdue will pay up to $12 billion US over time and that the Sackler family will give up control of the company.

Even with this latest development, about half the U.S. states still have not signed on and several state attorneys general vowed to continue their legal battles against the company and the Sacklers. About 20 states have sued the Sacklers in state court.

The tentative agreement comes on the heels of the first federal trial date draws near in the hundreds of lawsuits aiming to hold Purdue and others in the drug industry accountable for a nationwide opioid crisis that claimed the lives of nearly 400,000 people in America between 1999 and 2017, according to the latest data from the U.S. Centers for Disease Control and Prevention.

The opioid crisis has also had severe consequences here in Canada. It’s estimated about 15,000 people have died annually since 2016.

@CanBizJournal

Recommended
Oracle