OxyContin maker Purdue Pharma set to dissolve after judge approves sentence
Purdue Pharma, the maker of OxyContin, has been sentenced to dissolve after a federal judge ordered the company to pay over $5 billion in criminal penalties. The sentencing concludes the Department of Justice's criminal fraud case against the company, which pleaded guilty to charges in 2020. Purdue Pharma's dissolution will pave the way for Knoa Pharma to take its place, focusing on addressing the opioid crisis.
- ▪Purdue Pharma has been ordered to pay over $5 billion in criminal penalties.
- ▪The company will dissolve as part of the sentencing, which concludes the DOJ's case against it.
- ▪The Sackler family, owners of Purdue Pharma, must contribute $6.5 billion to settlement payments for opioid-related lawsuits.
Opening excerpt (first ~120 words) tap to expand
A federal judge sentenced OxyContin manufacturer Purdue Pharma on Tuesday, ordering the company to pay over $5 billion in criminal penalties. The pharmaceutical company will soon dissolve, as the sentencing was the last step before Purdue Pharma had to legally move to close. The company will be replaced by Knoa Pharma, a company aimed at providing relief to and addressing the opioid crisis. The sentencing marks an end to the Department of Justice’s criminal fraud case against Purdue Pharma.
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