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Purdue’s $4.5 Billion Opioid Deal Wins Key State Support

  • Sacklers to give control of foundations, additional money
  • Deal moves Purdue much closer to shedding opioid liabilities
Bottles of Purdue Pharma L.P. OxyContin medication.

Bottles of Purdue Pharma L.P. OxyContin medication.

Photographer: George Frey/Bloomberg

Updated on

Purdue Pharma LP won the support of more than a dozen states that had opposed its $4.5 billion bankruptcy plan after members of the Sackler family that own it agreed to pay more money and relinquish control of two family foundations.

An agreement in principle was reached with New York and several other states that had been objecting to Purdue’s Chapter 11 reorganization. New York Attorney General Letitia James said the deal was “not perfect” but would quickly deliver aid to states if approved.