PURDUE PHARMA OPIOID PRODUCER MANAGED TO FILE FOR BANKRUPTCY

Purdue Pharma succeeded in securing legal defenses by approving the bankruptcy plan in court.  The other day, having considered the company's program of overcoming the crisis, the judge Robert Drane approved the manufacturer's decision.  He called the obtained result ‘bitter’. According to him, the company must pay $ 4.5 billion, and the Sackler family, which has owned the company so far, will leave the pharmaceutical industry.

Purdue Pharma is blamed for the opioid crisis that affected dozens of companies in the USA. In April 2021, Rusbankrot already wrote about the problems of Mallinckrodt, which also found itself under a flurry of accusations due to the production of an opioid drug (Acthar Gel).

Purdue Pharma filed for bankruptcy back in 2019, having to fight off more than 2,000 lawsuits.

Lawyers blamed the company for provoking the crisis, while its owners continued to make billions. The Sackler family still remains in the club of the richest people on the planet, but now they will be prohibited from participating in the work of pharmaceutical companies.

It is known that after the bankruptcy proceedings are over, the National Fund will be created, the funds of which will be directed to the fight against addiction (NOAT). It should receive $ 4.3 billion that the former owners of Purdue will have to pay in compensation. The company itself is being liquidated and its assets are being transferred to a new company established by NOAT. It will be engaged in the production and distribution of drugs helping to get rid of drug addiction.

The court verdict has yet to go through appellate procedures, which can be initiated by separate authorities.

Representatives of many states continue to believe that the approved bankruptcy plan is contrary to the spirit of the law, and the Sacklers, who earned about $ 10 billion during the release of the OxyContin drug, must pay more to resolve the conflict.

We should remind our readers that earlier, other participants in the scandal also managed to settle the scandal with the release of drugs containing opioids. An agreement according to which Johnson & Johnson and other drug distribution companies were obliged to pay $ 26 billion to protect themselves from bankruptcy was signed in July.