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Tuesday, March 16, 2021
OxyContin Owner Increases Settlement Offer to $4.28 Billion
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 helping to fuel the opioid epidemic.
The payment from members of the Sackler family is part of a larger restructuring plan filed Monday night in U.S. Bankruptcy Court in White Plains, N.Y., that is intended to get Purdue out of chapter 11.
The plan is a critical milestone in the Stamford, Conn.-based drugmaker’s bankruptcy and the culmination 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 U.S. states has repeatedly demanded more money from the Sackler family, a concession 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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