Purdue Pharma Seeks Approval for the Latest OxyContin Settlement

Purdue Pharma Seeks Approval for the Latest OxyContin Settlement

Purdue Pharma , Seeks Approval for the Latest , OxyContin Settlement .

On March 9, Purdue Pharma will seek to have a federal judge approve a nationwide settlement that will transform the company into a public trust.

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On March 9, Purdue Pharma will seek to have a federal judge approve a nationwide settlement that will transform the company into a public trust.

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The Associated Press reports that the settlement will also contribute up to $6 billion toward efforts to combat the nation's overdose and addiction crisis.

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The settlement requires the Sackler family, who owns Purdue, to relinquish ownership of the company.

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The deal would also see Purdue Pharma transformed into a new company called Knoa Pharma.

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Profits from the new company would be used to fight the opioid crisis, which has already been linked to the deaths of over 500,000 U.S. citizens in the last 20 years.

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In exchange for protection from civil lawsuits, the settlement requires the Sacklers to pay between $5.5 and $6 billion.

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According to the AP, the majority of the money is meant for state and local governments to address the crisis.

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An additional $750 million is intended to be distributed among victims and survivors of the epidemic.

Another $100 million is reserved for medical monitoring and payments for children born into opioid addiction.

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$150 million will also go to Native American tribes impacted by the crisis.

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Purdue Pharma has twice pleaded guilty to criminal charges over the company's promotion and sale of OxyContin.

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Purdue Pharma has twice pleaded guilty to criminal charges over the company's promotion and sale of OxyContin.