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Purdue Pharma files for bankruptcy – Axios

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Purdue Pharma, the maker of the highly addictive painkiller OxyContin that faced a massive lawsuit over the U.S. opioid epidemic, filed for Chapter 11 bankruptcy Sunday, the Washington Post first reported.

The big picture: The Wall Street Journal reports that Purdue filed for bankruptcy in White Plains, New York — less than a week after reaching a tentative settlement with states and local governments suing the firm for its role in the opioid epidemic. The New York Times reports that the firm’s board of directors voted Sunday evening to approve a settlement in principle.

What they’re saying: Per the Times, Steve Miller, chairman of Purdue’s board of directors, said in a statement “this unique framework for a comprehensive resolution will dedicate all of the assets and resources of Purdue for the benefit of the American public.”

“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.”

Our thought bubble, per Axios’ Bob Herman: Purdue was expected to file for bankruptcy regardless of a national settlement and ultimately could protect the Sackler family’s wealth against all governments and creditors.

Editor’s note: This is a developing news story. Please check back for updates.

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