Oxycontin maker Purdue Pharma to file for bankruptcy in settlement agreement it hopes will provide more than $10B to address US opioid crisis
The Purdue Pharma headquarters in downtown Stamford, Connecticut are pictured in this file photo taken on April 2, 2019.
The pharmaceutical giant, whose prescription painkiller OxyContin is blamed for much of the US opioid addiction epidemic, is facing thousands of state and federal lawsuits. Purdue Chairman Steve Miller said the settlement will "provide billions of dollars and critical resources to communities across the country trying to cope with the opioid crisis."
Miller said the restructuring will avoid "wasting hundreds of millions of dollars and years on protracted litigation."
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