Oxycontin maker Purdue Pharma is preparing for a possible bankruptcy filing as it faces hundreds of lawsuits over its role in the U.S. opioid epidemic.
More than 700,000 people in the U.S. died from drug overdoses from 1999 to 2017, and more than two-thirds of those were related to opioids.
Oxycontin maker Purdue Pharma is preparing for a possible bankruptcy filing as it faces hundreds of lawsuits over its role in the U.S. opioid epidemic, Reuters and the Wall Street Journal reported Monday., citing people familiar with the matter. Bankruptcy would let the company negotiate claims with some of the more than 1,500 cities, states, local governments and other entities that have sued Purdue and other health companies over their roles in the opioid epidemic.
The lawsuits against drugmakers and distributors have opened up the potential for billions of dollars in liabilities as governments grapple with mounting human and financial costs of the opioid epidemic.More than 700,000 people in the United States died from drug overdoses from 1999 to 2017, according to the Centers for Disease Control and Prevention, and more than two-thirds of those were opioid-related.
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