New York Attorney General Letitia James’s office on Friday announced that Oxycontin manufacturer Purdue Pharma “has shut down and ceased operations as part of a bankruptcy plan secured by Attorney General James, a bipartisan coalition of 54 other attorneys general, and other stakeholders. A new public benefit corporation, Knoa Pharma, LLC (Knoa Pharma), will begin operating in its place today and will be overseen by independent directors and trustees who have no association with Purdue. Knoa Pharma will be entirely owned by the Knoa Foundation, a newly established nonprofit. All members of the Sackler family, who fueled the opioid crisis through their ownership and operation of Purdue, are barred from selling opioids in the United States and will not have any involvement in the new company. Knoa Pharma will manufacture medications, including opioid products, safely and responsibly to address public health needs. It will be subject to strict oversight by an independent monitor and will be barred from lobbying and advertising its opioid products. After operating expenses, Knoa Pharma’s excess revenue will be dispersed to state, local, and tribal governments and to the Knoa Foundation in support of opioid abatement.”
“Under the Sacklers’ control, Purdue developed, manufactured, and then misleadingly marketed its deadly opioids, destroying lives and communities across the country. This company that put profits over people for decades is now shut down forever. While nothing will ever fully repair the damage done and lives lost to the opioid crisis, ending Purdue’s operations is an important step towards justice,” said James at the tail end of an epidemic estimated to have directly killed, though overdoses, nearly 850,000 Americans. The true toll of premature deaths from secondary health effects, suicide, and collateral damage from crime, neglect of children, traffic accidents from junkies passed out behind the wheel, and all the other social and economic harms inflicted is incalculable.