March 13, 2019 / 5:00 PM / 3 months ago

Purdue Pharma CEO says company considering bankruptcy: Washington Post

FILE PHOTO: Bottles of prescription painkiller OxyContin made by Purdue Pharma LP sit on a shelf at a local pharmacy in Provo, Utah, U.S., April 25, 2017. REUTERS/George Frey

(Reuters) - Purdue Pharma’s Chief Executive Officer Craig Landau said the company is considering bankruptcy, the Washington Post reported on Wednesday, as the OxyContin maker faces a slew of lawsuits alleging the drugmaker contributed to opioid epidemic sweeping the United States.

A Purdue Pharma spokesman told Reuters that the company was looking at all options, but had not yet made a decision.

The CEO’s comments come a week after Reuters reported that the company was exploring filing for bankruptcy.

Filing for Chapter 11 protection would halt the lawsuits and allow Purdue to negotiate legal claims with plaintiffs under the supervision of a U.S. bankruptcy judge, sources told Reuters last week.

More than 1,600 lawsuits accusing Purdue and other opioid manufacturers of using deceptive practices to push addictive drugs that led to fatal overdoses are consolidated in an Ohio federal court.

Reporting by Manas Mishra in Bengaluru; Editing by Shailesh Kuber

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