Purdue Pharma, focus of Utah opioid lawsuits, is preparing for possible bankruptcy

The drugmaker has employed advisers to rearrange for a possible submitting, the Journal acknowledged, citing people accustomed to the matter. Bankruptcy would let the company negotiate claims with some of the higher than 1,500 cities, states, native governments and completely different entities which have sued Purdue and completely different properly being companies over their roles throughout the opioid epidemic.

Purdue spokesman Robert Josephson declined to the touch upon the tales.

“We are, however, committed to ensuring that our business remains strong and sustainable,” Josephson acknowledged in an e mail. “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.”

The lawsuits in the direction of drugmakers and distributors have opened up the potential for billions of in liabilities as governments grapple with mounting human and financial costs of the opioid epidemic.

More than 700,000 people throughout the U.S. died from drug overdoses from 1999 to 2017, consistent with the Centers for Disease Control and Prevention, and higher than two-thirds of these had been opioid-related. Three years prior to now, Utah was tied for the third-highest prescription opioid dying charge throughout the nation. While the epidemic of dependancy and dying began with prescription capsules marketed by Purdue and completely different drug companies, it has shifted to include heroin and synthetic compounds like fentanyl.

In the lawsuits, the counties search to recoup their costs for elevated laws enforcement, felony justice, drug remedy and completely different social corporations.

Purdue and completely different drugmakers have acknowledged they didn’t act improperly in promoting their medicines.

Shares of completely different companies named throughout the lawsuits fell after the tales. Drugmaker Endo International Plc was down as so much as 15 p.c, and Mallinckrodt Plc fell as so much as 6.7 p.c. Drug distributors AmerisourceBergen Corp., Cardinal Health Corp. and McKesson Corp. moreover fell.

Purdue joins Johnson & Johnson, Ortho-McNeil-Janssen Pharmaceuticals and Watson Pharmaceuticals as defendants throughout the Utah lawsuits.

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