Purdue Pharma owners offer their wealth in Opioid Deal

Purdue Pharma offers their wealth

Sackler family offering their personal wealth to cover claims against them!

As reported by NPR.org, a wealthy Sakler family that owns Purdue Pharma, the company that produces Oxycontin, has decided to surrender a full value of their private company to cover and resolve claims gainst Purdue, associated with their role in the national opioid epidemic.

The spokes person for the family, Josephine Martin, a head of Purdue Pharma’s corporate affairs and communications,  released an e-mail to npr, that states that Sackler family are offering three billion dollars in cash as a portion of a global resolution.

Purdue Pharma and the Sacklers family had previously acknowledged being in settlement talks, however this is the first we see as public disclosure of elements of their negotiation position. Josephine Martin also added that Sacklers will be willing to contribute another $1.5 billion from the sales of their other company Mundipharma, that is currently owned by their family members. The confirmation of their offers came right after it was reported that Sackler family refused state attorney demand, that they’ll pay about $4.5 billion from their personal share.

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A North Carolina’s State Attorney General, Josh Stein, stated that they needed more assurance from Sacklers, that the money they guaranty. would be paid. He stated that no commitments came from the Sacklers, who declined their proffer.   Over the weekend the declaration was made by Stein and other attorneys general, that the negotiations with Purdue Pharma and Sackler family came to a halt.

Josephine Martin stated that since Sacklers own one hundred percent of Purdue, the money will be allocated out of their personal finances, as a pay off agreed upon, and obtained from various assets.

The New York Times had reported on the details earlier, in regards to national settlement between Purdue Pharma and thousands of victims who filed the law suit.  This is the first time we see confirmed details of the deal. Additional e-mail from Purdue Pharma states that a drug company is still working on settlement, and denying the claim by attorney general that negotiation is ended.  Purdue Pharma made a statement, that a settlement that benefits American people is much more beneficial than going through years of litigation.  The company wants to reassure all parties involved that they will proceed with negotiations, and are intended to reach a favorable resolution, that serves public interest.

As per Centers For Disease Control and Prevention the overdose death rate associated with prescription opioids climbed to 218,000 since the beginning of addiction epidemics back in the 1990s.

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Local and state governments already filed over 2,000 claims, citing Purdue Pharma involved in themarketing of powerful opioid Oxycontin, and diminishing the risks of its consumption. For the past several years, the sales of opioids produced billions dollars in revenue for the founders of the company, as well as making Sacklers the wealthiest family in America.  The urgency to finalize the negotiations  is magnifying due to a federal opioid trial, that includes Purdue Pharma and over twenty other opioid making companies, distributors and pharmacy chains is scheduled to start next month in Ohio.

As reported by Wall Street Journal, the U.S. Justice Department is also currently in the middle of negotiating process with Purdue Pharma, no details available at this time.  The newspaper notes, that there is a potential of civil penalties connected to a federal probe of Oxycontin sales, and may also involve criminal charges  targeted for prosecuting drug dealers.

 

 

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