Post by anenro on Sept 16, 2019 17:58:39 GMT 4
OxyContin maker bites the dust
Purdue Pharma has filed for bankruptcy protection, days after reaching a tentative deal to settle more than 2,600 lawsuits alleging the company helped fuel the deadly U.S. opioid epidemic. The settlement calls for the Sackler family to hand over Purdue to a trust controlled by the states, cities and counties that have sued to recoup billions of dollars they spent battling addictions and overdoses. Opioid maker Insys Therapeutics (OTCPK:INSYQ) filed for Chapter 11 bankruptcy protection on June 10, while reports suggest Mallinckrodt (NYSE:MNK) may be next.
Purdue Pharma has filed for bankruptcy protection, days after reaching a tentative deal to settle more than 2,600 lawsuits alleging the company helped fuel the deadly U.S. opioid epidemic. The settlement calls for the Sackler family to hand over Purdue to a trust controlled by the states, cities and counties that have sued to recoup billions of dollars they spent battling addictions and overdoses. Opioid maker Insys Therapeutics (OTCPK:INSYQ) filed for Chapter 11 bankruptcy protection on June 10, while reports suggest Mallinckrodt (NYSE:MNK) may be next.