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Purdue Pharma Owners Increase Settlement Offer to $4.28 Billion

Published by

December 5, 2024
(GMT+2)

The family that owns OxyContin maker Purdue Pharma LP agreed to pay roughly $4.28 billion-a larger sum than previously promised-to resolve lawsuits accusing it of assisting to empower the opioid epidemic.The payment from member of the Sackler family is part of larger restructuring plan filed Monday night in US Bankruptcy Court in White in white Plains, N.Y., that is planned to get Purdue out of chapter 11.The plan is a crucial milestone in the Stamford, Conn-based drugmaker’s bankruptcy and the climax of months of negotiation between members of the Sackler family and states, personal-injury plaintiffs and other creditors. A group of around half of all US states has repeatedly demanded more money from the Sackler family, a congressional included in Monday’s plan. At the time of its September 2019 bankruptcy filing, the family had agreed to pay $3 billion with the promise of up to another $1.5 billion contingent on the sale of its international business. The new offer guarantees $4.28 billion, paid in installments over the next decade.

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