Purdue Pharma considering bankruptcy, report says

Purdue Pharma

Purdue Pharma

OxyContin manufacturer Purdue Pharma is traversing lodging for bankruptcy as one of its alternative to inscribe possibly noteworthy accountability from innumerable litigations asserting the drug manufacturer the drug maker bestowed to the lethal opioid calamity comprehensive the United States a origin intimate with the issue.

The potential move shows how the pharmaceutical company is under pressure responding to mounting litigation accusing Purdue of misleading patients and doctors about the associated risk of prolonged use of its opioid substance.

The state's suit ignores the idea "the opioid-abuse crisis is a complex, multi-factorial societal issue" that can't be blamed on drug makers alone, Purdue's lawyers noted in the filing.

Purdue argues the lawsuit distorts facts, mischaracterizes internal company documents and makes oversimplified claims while attempting to cast the firm as a scapegoat for the opioid crisis.

Healey's lawsuit is among more than 1,000 by state and local governments that are pending against drug makers in connection with the opioid crisis that claimed more than 72,000 lives in 2017, according to federal statistics.

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As of 2019 not any representatives of the Sackler family are on the Purdue board of directors, albeit the family nevertheless retains the company.

Purdue Pharma is working with restructuring advisers including New York-based AlixPartners LLP, according to a source cited by TheWSJ.

Purdue Pharma also claims that Massachusetts Attorney General Maura Healey is trying to "vilify" the company and its directors with "sensational and inflammatory allegations" that are "unsupported by applicable law". "We have ample liquidity and remain committed to meeting our obligations to the patients who benefit from our medicines, our suppliers and other business partners".

In the MA case, Purdue Pharma cites statistics from the state Department of Public Health that show 89 percent of opioid-related overdose deaths "had a positive screen result for fentanyl (primarily illicitly produced and sold, not prescription fentanyl)", with heroin also found in 34 percent of the cases. On March 15, the U.S. Centers for Disease Control (CDC), announced guidelines for doctors to reduce the amount of opioid painkillers prescribed, in an effort to curb the epidemic.

In a recent motion to dismiss the case, Purdue says Massachusetts Attorney General Maura Healey has created a "sensationalist and distorted narrative that ignores facts" in the lawsuit she filed past year.

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