How to divvy up the remains of Purdue Pharma

POWERFUL OPIOID painkillers have helped fuel a crisis of addiction and death in America in the past two decades. If one company has become the villain of this tragic tale, it is Purdue Pharma. The Sackler family, which controls the drugmaker, made billions of dollars peddling the drugs—often, state prosecutors have charged, and which Purdue and the Sacklers deny, with aggressive sales tactics and questionable marketing campaigns that downplayed the dangers of OxyContin, its blockbuster opioid medication.

They will not profit from them any more. On September 15th the company declared bankruptcy. The move is part of a sweeping settlement agreed with plaintiffs in Ohio, where a case against makers and distributors of the drugs, due to start in a federal court next month, brings together claims from some 2,000 states, local governments and Native American tribes.

The settlement comes on the heels of a landmark ruling in August in Oklahoma, where a state court found that a sales campaign of Johnson & Johnson, a giant drugmaker, contributed to the state’s opioid crisis and ordered it to pay $572m towards an abatement plan. J&J risked a trial rather than settling (as Purdue had, for $270m, without admitting guilt) because it felt it had a strong case; it sold a tiny fraction of the pills in the state....

via Business Feeds

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