Purdue Pharma

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Purdue Pharma LP

logo
legal form Limited partnership
founding 1892
Seat Stamford , Connecticut United StatesUnited StatesUnited States 
management
  • Craig Landau, (President and CEO )
Number of employees 5000
Branch pharmacy
Website www.purduepharma.com

The “One Stamford Forum” in Stamford, which houses the offices of other companies and conference rooms as well as the headquarters of Purdues

Purdue Pharma is an insolvent US pharmaceutical company with headquarters in Stamford . The company was founded in 1892 by John Purdue Gray and George Frederick Bingham and is wholly owned by the heirs of Mortimer and Raymond Sackler , who took over the company in 1952. The sister companies Mundipharma in Germany and Napp Pharmaceuticals in Great Britain are also owned by the Sackler heirs .

Product Oxycontin

The company's most successful product is Oxycontin (proper spelling: OxyContin), an analgesic based on oxycodone . Oxycontin came onto the market in 1995 and has long been one of the top-selling drugs in the world. Purdue Pharma has had patents for an oxycontin-based drug that is intended to aid opioid withdrawal since 2018.

Legal disputes and bankruptcy

In 2007, Purdue was fined $ 634.5 million for inadequate warnings of the addictive dangers of using the drug. Oxycontin and Purdue have been linked to the opioid epidemic in the United States .

In January 2019, Massachusetts became the first US state to indict eight members of the Sackler family in a 275-page memo. Their decisions would have caused the death of around 400,000 US citizens. By September 2019, nearly all US states and around 2,000 local governments had filed such lawsuits. Separately, representatives of the Sackler family from 17 states were indicted.

According to the Wall Street Journal , Purdue prepared for bankruptcy as early as March 2019 despite the economically stable situation without over-indebtedness or liquidity bottlenecks. This would stop ongoing lawsuits and bundle them before the court. Josh Shapiro, who was one of four attorneys general to negotiate with Purdue and the Sacklers as the Pennsylvania Attorney General, said, "I think this is a group of hypocritical billionaires who lied and cheated for a handsome profit. I really believe that they have blood on their hands. "

The US bank JPMorgan Chase and the consulting firm McKinsey & Company terminated their business relationships with Purdue in 2019, as they feared high reputations due to the connection with the opioid crisis.

On August 27, 2019 announced that Purdue in the face of complaints in 2000 to a comparison would be prepared in the amount of up to 12 billion dollars. Purdue would have to file for Chapter 11 bankruptcy. The Sackler family would then give up their ownership of Purdue Pharma. The Sackler family is expected to raise around $ 3 billion of the settlement sum privately.

The New York State sued Purdue Pharma, various distribution companies and eight members of the Sackler Clans end of March 2019 because of fraud to: hundreds of millions of dollars would be from the Group on Offshore been conducted -companies to private accounts of the clan to assist them in before accessing the state Hide claims for damages. In this regard, the New York City Attorney's Office discovered in the fall of 2019 that the Sackler family had moved at least US $ 1 billion out of the country. The Sackler family's total net worth was estimated at $ 13 billion by Forbes , but that figure is rejected by the family.

On September 16, 2019, Purdue Pharma LP filed for Chapter 11 bankruptcy. As part of this, the company is to be transferred to a public-sector foundation. Contrary to previous speculation about a settlement amount of 12 billion dollars to settle the claims for damages, a settlement amount of more than 10 billion dollars was set.

U.S. State Lawsuits

American states are claiming $ 2.2 trillion in damages against the pharmaceutical company Purdue Pharma, which they hold to be primarily responsible for the opioid crisis in the United States. Reuters reported this, citing court documents, the FAZ reported in mid-August 2020. According to the Wall Street Journal , states are also demanding $ 26 billion in damages from pharmaceutical dealers. They are accused of failing to report suspicious order samples to the authorities. Orders soared in some sales districts, indicative of illicit business and prescribing practices by criminal doctors.

See also

Individual evidence

  1. ↑ Purdue Pharma: Dr. Craig Landau Appointed President and CEO Purdue Pharma LP , accessed August 2, 2018
  2. ↑ Purdue Pharma: Global pharmaceutical distribution capabilities - Partner with Purdue Pharma LP , accessed August 2, 2018
  3. ↑ The New Yorker: The Family That Built an Empire of Pain , accessed March 12, 2019
  4. ↑ Reuters: Purdue Frederick pleads guilty in OxyContin case , accessed August 2, 2018
  5. ↑ New York Times: Origins of an Epidemic: Purdue Pharma Knew Its Opioids Were Widely Abused , accessed August 2, 2018
  6. ↑ Die Zeit: Die Pillendreher , accessed on August 2, 2018
  7. ^ First Amended Complaint and Jury Demand , Commonwealth of Massachusetts v Purdue Pharma LP et al. dated January 31, 2019, accessed February 18, 2019
  8. ↑ Pharma-Dynastie Sackler - The Drug Clan , SPON from February 18, 2019, accessed on February 18, 2019
  9. ↑ Handelsblatt: Opioid manufacturer Purdue is apparently preparing for bankruptcy , accessed on March 7, 2019
  10. ↑ Geoff Mulvihill Mark Gillispie, ASSOCIATED PRESS: Email: Opioid talks fail, Purdue bankruptcy filing expected , accessed September 9, 2019
  11. ↑ focus.de: Drugs downplayed: More than 1,600 lawsuits bring US pharmaceutical giants to their knees , accessed on March 7, 2019
  12. ↑ faz.net: McKinsey no longer advises Purdue , accessed on May 25, 2019
  13. ↑ USA Today: OxyContin maker Purdue Pharma reportedly offering opioid settlement up to $ 12B , accessed August 28, 2019
  14. ↑ New York Times: Sacklers Would Give Up Ownership of Purdue Pharma Under Settlement Proposal , accessed August 28, 2019
  15. ^ New York Times: Roni Caryn Rabin: "New York Sues Sackler Family Members and Drug Distributors," March 28, 2019, accessed September 14, 2019
  16. ↑ New York Times: New York Uncovers $ 1 Billion in Sackler Family Wire Transfers , accessed September 14, 2019
  17. ↑ faz.net: Opioid company owner family transferred money to Switzerland , accessed on September 14, 2019
  18. ↑ restructuring.primeclerk.com: Purdue Pharma LP (19-23649) , accessed September 16, 2019
  19. ↑ faz.net: Pharmaceutical company Purdue files for bankruptcy , accessed on September 16, 2019
  20. ↑ Winand von Petersdorff-Campen: Great demands in opioid crisis. FAZ, August 19, 2020 ( FAZ.NET )