OxyContin maker files for bankruptcy

Purdue Pharma, the maker of OxyContin, announced yesterday it filed for Chapter 11 bankruptcy.

The filing comes as the company expects to reach a more than $10 billion settlement over allegations its practices with OxyContin helped lead to the opioid crisis.

“This settlement framework avoids wasting hundreds of millions of dollars and years on protracted litigation, and instead will provide billions of dollars and critical resources to communities across the country trying to cope with the opioid crisis," Purdue officials said in a statement. "We will continue to work with state attorneys general and other plaintiff representatives to finalize and implement this agreement as quickly as possible.”

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