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Purdue’s Sacklers consider adding another $1 billion to opioid settlement

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© Reuters. FILEPHOTO: Purdue Pharma L.D. pharmacist with OxyContin 40mg prescription pills. FILE PHOTO: A pharmacist holds prescription painkiller OxyContin, 40mg pills, made by Purdue Pharma L.D. in Provo (UT), U.S.A, April 25, 2017. REUTERS/George Frey

(Reuters) – Purdue Pharma’s billionaire family members are considering whether they will add $1 billion to OxyContin’s failing opioid settlement offer in an attempt to win back holdouts. Bloomberg News reported that this was done on Thursday.

This would make the total family contribution to Purdue to $5.325billion. The report cited people familiar with this matter.

Purdue didn’t immediately reply to our request for comment.

An earlier mediator said that OxyContin-maker, U.S. states and mediators were now “even closer” in reaching an agreement over allegations that the OxyContin manufacturer had fueled the U.S.’s opioid epidemic.

A mediator requested that a bankruptcy judge extend negotiations’ deadline to February 16 instead of Feb. 7. This was because the parties need extra time to reach a final agreement that will involve substantial additional money from Sacklers. Also, there would be non-monetary concessions.

Purdue was the manufacturer of OxyContin, a highly addictive painkiller. In 2019 it filed for bankruptcy. Thousands of lawsuits were brought against the company and the wealthy Sackler families who own the company. The family is accused of contributing to the U.S. epidemic of opioid addiction through misleading marketing, which played down the risks of overdose and addiction.

Company pleaded guilty on misbranding, fraud and other charges in relation to OxyContin’s marketing between 2007-2020. The Sacklers denied wrongdoing.

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