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Purdue Pharma Exploring Chapter 11 as Lawsuits Mount

March 06, 2019, 08:23 AM
Filed Under: Pharmaceuticals

Facing nearly 2,000 lawsuits for its alleged role in facilitating America’s overdose crisis, Purdue Pharma – maker of the narcotic painkiller OxyContin – is reportedly considering filing for Chapter 11 bankruptcy, according to sources cited by Reuters.

The drug maker has faced an onslaught of criticism for its marketing tactics of OxyContin, and is the target of lawsuits filed by a number of states’ Attorneys General.  

“As a privately-held company, it has been Purdue Pharma’s longstanding policy not to comment on our financial or legal strategy,” Purdue said in a statement.
“We are, however, committed to ensuring that our business remains strong and sustainable. 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.”

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