OxyContin maker Purdue Pharma files for bankruptcy

By Cassidy Morrison

Published September 16, 2019 12:36pm ET

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OxyContin maker Purdue Pharma files for bankruptcy — OxyContin is Purdue's No.1 drug, although sales have decreased recently due to generics. (AP Photo/Douglas Healey). | Douglas Healey

Pharmaceutical giant Purdue Pharma has filed for Chapter 11 bankruptcy as part of a tentative agreement to settle thousands of lawsuits over its role in the opioid crisis.

The company responsible for OxyContin announced Sunday it filed for bankruptcy protections just days after agreeing to terms with state attorneys general in over 2,000 lawsuits that claim Purdue’s blockbuster drug was behind the epidemic of opioid addiction.

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Bankruptcy Law Opioids Pharmaceutical Industry