OxyContin maker Purdue Pharma set to dissolve after judge approves sentence
A federal judge has sentenced OxyContin maker Purdue Pharma to pay over $5 billion in criminal penalties, paving the way for the company to dissolve and be replaced by Knoa Pharma, which aims to help combat the opioid crisis. The ruling concludes the DOJ's criminal fraud case against Purdue, which admitted guilt in 2020 for its role in fueling the opioid epidemic through deceptive practices. Purdue will proceed with settlement payments to victims, including $865 million allocated per individual claimant, while the Sackler family is required to contribute $6.5 billion. Despite the settlement, some victim families argue it is insufficient and have called for criminal charges against the Sacklers.
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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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