OxyContin-maker Purdue Pharma is exploring bankruptcy protection amid accusations of igniting a nationwide opioid crisis by ruthlessly marketing and misleading doctors and patients about the dangers of the highly addictive narcotic.
Purdue, founded in the 1950s by brothers Arthur, Mortimer and Raymond Sackler, is looking at filing for Chapter 11 bankruptcy to protect its assets against thousands of lawsuits for its role in the opioid epidemic, according to a Reuters report.
A bankruptcy filing is not certain, Reuters reported, citing anonymous sources. Purdue Pharma has not made any final decisions and could instead continue fighting the lawsuits, Reuters said.
"As a privately-held company, it has been Purdue Pharma's longstanding policy not to comment on our financial or legal strategy," Purdue said in a statement. "We are, however, committed to ensuring that our business remains strong and sustainable. We have ample liquidity and remain committed to meeting our obligations to the patients who benefit from our medicines, our suppliers and other business partners."