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opioid crisis

Purdue Pharma expected to dissolve after reaching tentative opioid settlement

Members of the Sackler family, who own Purdue Pharma, have reportedly tentatively reached a settlement with lawyers representing thousands of local governments, states, and tribes across the United States in lawsuits over the drug manufacturer's alleged role in creating the country's opioid crisis. The deal is similar to one the company proposed in August and will eventually result in Purdue, which is expected to soon file for bankruptcy, paying up to $12 billion.

Two people involved in the negotiations told The New York Times that the settlement requires Purdue's dissolution as a company and the formation of a new company that the Sacklers will not control, but that will continue to sell OxyContin — Purdue's signature opioid. The proceeds, however, will reportedly go to a public beneficiary company that will pay the plaintiffs. Purdue will also reportedly donate "rescue" drugs for addiction treatment and overdose reversal. The settlement reportedly does not include a statement of wrongdoing from Purdue or the Sackler family.

If formalized, the agreement would reportedly end most cases against Purdue, but some states' attorneys general will reportedly continue to pursue the Sacklers independently. Read more at The New York Times.