The company declared bankruptcy days after reaching a tentative settlement with many state and local governments suing it in connection to the US opioid epidemic.
Purdue Pharma, the company that made billions selling the prescription painkiller OxyContin, filed for bankruptcy on Sunday. The filing was anticipated before and after the tentative deal, which could be worth up to $12 billion over time, was struck. But legal battles still lie ahead for Stamford, Connecticut-based Purdue, which is spending millions on legal costs as it defends itself in lawsuits from 2,600 government and other entities.
Purdue Pharma, the company that made billions selling the prescription painkiller OxyContin, filed for bankruptcy on Sunday. The filing was anticipated before and after the tentative deal, which could be worth up to $12 billion over time, was struck. But legal battles still lie ahead for Stamford, Connecticut-based Purdue, which is spending millions on legal costs as it defends itself in lawsuits from 2,600 government and other entities.
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