Purdue Pharma proposes $10 billion plan to come out of bankruptcy

Purdue Pharma, which helped revolutionize the prescription painkiller business with its drug OxyContin, is proposing a $10 billion plan to emerge from bankruptcy that calls for it to be transformed into a different kind of company funneling profits into the fight against the nation’s intractable opioid crisis.

Those efforts would include a significant boost – more than $4 billion – from members of the Sackler family who own the Connecticut-based pharmaceutical giant.

The plan, filed late Monday night in U.S Bankruptcy Court in White Plains, N.Y., after months of negotiations, marks the company’s formal offer to settle more than 2,900 lawsuits from state and local governments, Native American tribes, hospitals and other entities.

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