Latest news with #PurduePharma
Yahoo
3 days ago
- Business
- Yahoo
Opioid settlement agreements approved by Waynesboro council
WAYNESBORO – Waynesboro City Council agreed to the terms of three opioid lawsuit settlements, which is expected to bring thousands of dollars earmarked for opioid abatement projects to the city. The first settlement is against Purdue Pharma and the Sackler family, one of the most well-known opioid distributors. 'This stems from a settlement order being proposed in bankruptcy court,' Michelsen said. 'Purdue Pharma filed bankruptcy upon the lawsuit, the opioid litigation. This is a settlement arising out of that. This is a nationwide settlement – it's 6.5 billion dollars nationwide. It's 16 payments over 15 years.' The settlement total against the Sackler family totals about $900 million on top of the $6.5 billion against the company they own. That money is not all coming to Waynesboro; these are larger settlements that will be distributed to the state governments and the local governments who joined the lawsuit. The more Virginia localities participating in the lawsuit that approve the settlement will increase the proportion of money the state receives when the settlement is approved. 'Really the importance of this is not only to provide the funding, but also to opt in to maximize Virginia's participation and money it can receive,' said Waynesboro legal counsel Melisa Michelsen. 'Like all the other ones, this funding would be earmarked specifically for opioid abatement usage.' Virginia is estimated to receive $104 million from the Purdue Pharma settlement. The funds will be split, with 65% going to the Opioid Abatement Authority (OAA) and 35% divided among the localities that were parties in the lawsuit. The OAA was established in 2021 by the Virginia legislature to abate and remediate the opioid epidemic in the Commonwealth. The OAA has locally held town halls and been looking for abatement suggestions from residents. Funds allocated to the OAA will become grants open to localities. 'If every locality involved in the litigation opted in to participation in the Purdue settlement, the max that Virginia localities would receive directly is a little under $40 million,' Michelsen said. 'Also, Virginia localities would have an opportunity to get funding from the roughly $60 million that is going to be distributed to the authority, [the OAA].' Once the funds are divided up, Waynesboro is estimated to receive $144,000 directly. The second settlement is against opioid manufactures, including Alvogen Inc., Amneal Pharmaceuticals Inc., Apotex Corp., Hikma Pharmaceuticals SA Inc., Indivior Inc., Mylan Pharmaceuticals Inc., Sun Pharmaceutical Industries Inc., and Zydus Pharmaceuticals USA Inc. 'There were eight manufacturers that were sued, they've been lumped together in this proposed settlement - $16.4 million,' Michelsen said. Waynesboro is estimated to receive about $23,000, after the settlements are divided the same way as the other two grants. The final settlement was with Henry Schein, totaling around $416,000. The Henry Schein settlement is the smallest of the three, expected to give Waynesboro a nominal amount of direct funding. Waynesboro City Council approved the three different resolutions, one for each of the settlements, in a single, unanimous vote. More: Kline's Dairy Bar celebrates 2nd annual 'Dog Days of Summer' More: Fishersville and Staunton will each have a Wawa soon. Find out when both will open. Lyra Bordelon (she/her) is the public transparency and justice reporter at The News Leader. Do you have a story tip or feedback? It's welcome through email to lbordelon@ Subscribe to us at This article originally appeared on Staunton News Leader: Opioid settlement agreements approved by Waynesboro council Solve the daily Crossword
Malaysian Reserve
23-07-2025
- Health
- Malaysian Reserve
British Columbia Joins Other Provincial Public Drug Plans Now Reimbursing FOQUEST® on their Formulary for Attention Deficit Hyperactivity Disorder (ADHD)
TORONTO, July 23, 2025 /CNW/ – Elvium Life Sciences is pleased to announce the addition of FOQUEST® (methylphenidate hydrochloride controlled release capsules) to the British Columbia1 PharmaCare formulary and First Nations Health Authority (FNHA) Pharmacy Benefit. With provincial funding in place in British Columbia, FOQUEST® is now reimbursed from coast to coast on all provincial drug plans across Canada. 'Public funding in British Columbia ensures equitable access to ADHD treatments in BC,' said Juanita Beaudry, Executive Director of the Centre for ADHD Awareness (CADDAC) 'This latest approval now provides access across Canada to another treatment option for patients.' British Columbia now joins Alberta2, Saskatchewan3, Manitoba4, Ontario5, Quebec6, Atlantic Canada7,8,9,10, the Non-Insured Health Benefit Plan11 and Correctional Service Canada in providing public formulary coverage for FOQUEST® for the treatment of ADHD in patients aged six years and older. 'Elvium Life Sciences is very pleased that British Columbia has now included Foquest on the BC PharmaCare Formulary to give physicians an additional choice for their ADHD patients who require public coverage,' said Jodan Ratz, Country Medical Director at Elvium Life Sciences. 'We thank the province for its decision which now means that all ADHD patients aged six years of age and older have equivalent access to Foquest should this be the right treatment for them.' See the full Canadian Product Monograph for FOQUEST®12 The Product Monograph for FOQUEST® contains a Serious Warning and Precaution for drug dependence, emphasizing that abuse of FOQUEST® can lead to dependence. Healthcare professionals should assess the risk of abuse prior to prescribing FOQUEST®, including in patients with a history of drug dependence or alcoholism, and monitor for signs of abuse and dependence while patients are on therapy. FOQUEST® is a once-daily, long-acting methylphenidate controlled-release capsule for the treatment of Attention Deficit Hyperactivity Disorder (ADHD) in patients greater than or equal to six years of age. The maximum daily dose of FOQUEST® for children and adolescents (6 to <18 years old) is 70mg, and the maximum daily dose for adults (≥18 years old) is 100 mg. Adverse events observed with FOQUEST® treatment mainly reflect side effects commonly associated with methylphenidate use. Very common adverse events reported by patients treated with FOQUEST® were headache, insomnia, decreased appetite and abdominal pain. Most of the events were mild to moderate in severity. About Elvium Life Sciences Elvium Life Sciences is an independent associated company of Purdue Pharma (Canada), that focuses on specialty pharmaceutical products committed to providing treatment options for patients who suffer from the symptoms of Attention Deficit/Hyperactivity Disorder (ADHD) and products for ophthalmology. For more information, please visit FOQUEST® is a registered trademark of Purdue Pharma and is used under licence. References: 1. Available at: Accessed July 23, 2025 2. Available at: Accessed July 18, 2025 3. Available at: Accessed July 18, 2025 4. Available at: Accessed July 18, 2025 5. Available at: Accessed July 18, 2025 6. Available at: Accessed July 18, 2025 7. Available at: Accessed July 18, 2025 8. Available at: Accessed July 18, 2025 9. Available at: Accessed July 18, 2025 10. Available at: Accessed July 18, 2025 11. Available at: Accessed July 18, 2025. 12. Available at:
Washington Post
15-07-2025
- Health
- Washington Post
How states should spend all that opioid settlement money
State and local governments are about to get a lot of money to combat the opioid epidemic. They could fritter it away on nice-sounding programs — or save the most lives. Last month, attorneys general from 55 U.S. states and territories as well as the District of Columbia approved a $7.4 billion settlement with Purdue Pharma, the maker of opioid painkiller OxyContin. If the settlement is finalized, the vast majority of that money would, over the next 15 years, flow to states, local governments and Native American tribes for opioid abatement. The deal would also shut down Purdue and replace it with a public-benefit company committed to combating the crisis, to be run by a court-approved board.
Yahoo
12-07-2025
- Business
- Yahoo
Sackler Family to Pay $7.4 Billion Out of Pocket And Walk Away From Purdue Pharma—$1 Billion In Real Estate Could Be On The Line
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. After a years-long battle between the Sackler family and the Department of Justice, as well as a Netflix (NASDAQ:NFLX) series based on the Sackler-owned Purdue Pharma's role in the opioid epidemic, the family has agreed to relinquish all sales of their company's products in the U.S. The settlement included a $7.4 billion payment, which all 50 states, as well as the District of Columbia and U.S. territories, have approved. Purdue Pharma, owned by the Sacklers, was the manufacturer of OxyContin, which played a central role in the national opioid epidemic. As part of the deal, which still needs to be finalized by a bankruptcy court and approved by the DOJ, the Sackler family must contribute $7 billion to help address the opioid crisis in the U.S. The payment will also resolve multiple lawsuits filed against the Sacklers and their company. The Sacklers will personally pay $6.5 billion, and Purdue Pharma will pay $900 million. Don't Miss: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here's , starting today. $100k+ in investable assets? – no cost, no obligation. The money won't arrive immediately, but rather, most of it will be received over the first three years, with the remainder distributed over the next 15 years. Members of the family, though, are not required to file for bankruptcy as part of the deal. However, if people wish to sue the Sacklers in a civil court for alleged wrongdoing, they may do so. 'Creditors can preserve their right to take legal action against the Sacklers if they do not opt in to the Sackler releases contained in the Plan,' Purdue Pharma said in a statement. Attorneys suing Purdue and the Sacklers have embraced the deal. 'After five years of litigation and three years in bankruptcy, we are pleased that all 55 eligible states and territories have unanimously agreed to accept,' members of the National Prescription Opiate Litigation Plaintiffs' Executive Committee said in a statement. New York Attorney General Letitia James was also positive about the outcome, saying in a statement: 'While no amount of money can fully heal the destruction they caused, these funds will save lives and help our communities fight back against the opioid crisis.' Trending: BlackRock is calling 2025 the year of alternative assets. 'Today's announcement of unanimous support among the states and territories is a critical milestone towards confirming a Plan of Reorganization that will provide billions of dollars to compensate victims, abate the opioid crisis, and deliver opioid use disorder and overdose rescue medicines that will save American lives,' Purdue Pharma said in its statement. The size of the settlement offers some indication of the family's net worth. A 2021 report from the House Committee on Oversight put the family's wealth at $11 billion, which included $1 billion in real estate. Among their residences were two estates in Greenwich, Connecticut, including a 10-acre spread valued at $46 million in 2019, which belonged to Purdue Pharma co-founder Raymond Sackler and his wife, Beverly, The Wall Street Journal late son, Jonathan, owned a property opposite, estimated to be worth $12 million in 2020. In addition to international property, the family had multimillion-dollar holdings in the Hamptons and a Manhattan townhouse they sold in 2020 for $38 million, according to the New York Post. reports that the Sackler family still has multiple high-priced properties dotted around Manhattan, although Richard Sackler — the highest profile of the family, due to his role as chair and president of Purdue Pharma — has quietly sold real estate holdings in Los Angeles, Austin, Texas and Boca Raton, Florida. Read Next: Over the last five years, the price of gold has increased by approximately 83% — Investors like Bill O'Reilly and Rudy Giuliani are u. Image: Shutterstock This article Sackler Family to Pay $7.4 Billion Out of Pocket And Walk Away From Purdue Pharma—$1 Billion In Real Estate Could Be On The Line originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Guardian
25-06-2025
- Business
- The Guardian
Purdue Pharma plan moves forward despite challenge from opioid victim
A New York bankruptcy judge approved a disclosure statement last week laying out Purdue Pharma's proposed reorganization plan – despite an objection alleging the disclosure omits information about the US government's plan to seize Purdue money that could be used to compensate prescription opioid victims under the Mandatory Victims Restitution Act instead. It's been five years since Purdue Pharma pleaded guilty to charges of conspiracy in a New Jersey federal court, including for unlawfully dispensing opioid products without a legitimate medical purpose. In a press release at the time, the Department of Justice emphasized that the convictions were part of a strategy to defeat the opioid crisis. But the plea agreement did not include restitution for opioid victims, reasoning that it would not be 'administratively feasible' to distribute the funds. Since then, opioid victims have been unable to seek settlements from Purdue, as the company's 2019 bankruptcy filing stayed civil lawsuits against the company, and will likely instead be settled in bankruptcy court as part of the reorganization plan. Creighton Bloyd – a plaintiff in a class-action suit against Purdue demanding the company pay for prescription opioid victims' recovery treatment – objected to the disclosure statement in the bankruptcy court this month. In his objection, he alleged that the disclosure statement omitted relevant information about US government plans to seize $225m that could instead go to prescription opioid victims under the Mandatory Victims Restitution Act (MVRA), which requires prosecutors to financially compensate victims of criminal cases. Purdue agreed to forfeit $2bn for the value of 'misbranded' drugs that may have led patients to become addicted. Bloyd argued that $225m of that should go to opioid victims under the MVRA, because a federal attorney acknowledged these misbranded drugs harmed individuals. Instead, the New Jersey plea deal gives that money to the Department of Justice, citing administrative hurdles to distributing the funds as restitution. Information about the MVRA and the possibility of using the $225m as restitution is not included in the bankruptcy disclosure statement. Val Early III, an attorney representing personal injury claimants in the bankruptcy case, said the disclosure statement was a 'frustrating' read, because 'a lot of it was in brackets in the body of the document. Brackets, meaning 'to be determined', right?' Despite the omission in the disclosure statement, a New York bankruptcy judge approved it on Friday, and set a September deadline for creditors, including personal injury claimants, to vote to approve or reject the plan. 'If you're asking me to vote on something, and you don't even know what you're asking me to vote on, then how can I possibly vote on it?' Early said. Adam Zimmerman, a law professor at the University of Southern California, said it was unlikely that a judge would find the MVRA applies in this case, because there are 'a variety of exceptions' to the law, including for cases that are large or complex. 'We might call [Purdue's case] a 'mega mass tort', because of the size and scope of the problem it's trying to address here,' Zimmerman explained, adding: 'We're not dealing with a product that just affected a small group of people … We have not just private parties suing, but we have cities suing, Native American tribes suing. We have counties suing. We have states suing. We even have foreign countries that are suing.' Zimmerman added that 'bankruptcy is a really powerful tool for defendants [such as Purdue]' because it allows them to reach what's called a global settlement with all the parties all at once, rather than litigating every claim separately in court. This also means that plaintiffs have fewer opportunities to negotiate individual settlements. Frank Ozment, another lawyer representing personal injury claimants, disagrees that the case is too complex for the MVRA to apply. He says that, since all personal injury claimants had to file claims in the bankruptcy court by a specific deadline along with their names and addresses, it should be relatively simple to identify victims and compensate them. Ozment also rejects the argument that it would be too administratively difficult to ensure prescription opioid victims use payouts for treatment and nothing else. He says the money could be distributed via reloadable payment cards, which allow victims and no one else to purchase medication and nothing else from a pharmacy located in the victim's zip code, similar to how people receive certain Medicaid and Supplemental Nutrition Assistance Program (Snap) payouts. Purdue Pharma and the Department of Justice did not respond to the Guardian's request for comment.
