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Purdue Pharma exit plan gains steam with OK from more states

Posted at 5:03 PM, Jul 08, 2021
and last updated 2021-07-09 00:55:00-04

OxyContin maker Purdue Pharma's plan to reorganize into an entity whose profits will be used to combat the U.S. opioid crisis got a big boost as 15 states have dropped their objections to the new business model.

The agreement from state attorneys general was disclosed in a U.S. Bankruptcy Court filing late Wednesday.

It includes those who had most aggressively opposed Purdue's original settlement proposal.

To win the support, the company agreed to make more documents public and members of the Sackler family who owns it will kick in more money.

But the owners have not admitted wrongdoing.