OxyContin Maker Purdue Pharma to Dissolve After Judge Approves Settlement

Purdue Pharma, the company that created the powerful painkiller OxyContin, is preparing to shut down. A federal judge has approved a criminal sentence that will dissolve the company as part of a massive legal settlement. The settlement resolves thousands of lawsuits against Purdue Pharma. These lawsuits accused the company of fueling the opioid crisis in the United States by misleading doctors and patients about the risks of addiction. Under the plan, the company will stop operating. Its assets will be used to create a new public health company focused on treating addiction and preventing overdose. This marks the end of Purdue Pharma as a private business.