Purdue Pharma is facing a cascade of lawsuits alleging that the drugmaker played a key role in driving the nation’s opioid crisis.
People who have lost loved ones to OxyContin and opioid overdoses leave pill bottles in protest outside the headquarters of Purdue Pharma, which is owned by the Sackler family, in 2018.
Declaring bankruptcy could halt litigation against the company, bankruptcy lawyers said, and it can be more difficult for plaintiffs to secure judgments in Bankruptcy Court than in civil court. Purdue announced Wednesday that it is developing a drug to reverse opioid overdoses that it claims is far more powerful than naloxone, the well-known opioid overdose antidote currently in use across the country.
Despite the fast-track designation, it probably will take years for the new drug to reach consumers. Landau said the goal is to get it to people who need it as soon as possible. No other antidote of its strength is currently available in the United States, he said.
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