After Sacklers shift at least $1 billion around, Purdue files for bankruptcy

Enlarge / Bottles of Purdue Pharma L.P. OxyContin medication sit on a pharmacy shelf in Provo, Utah, US, on Wednesday, Aug. 31, 2016. (credit: Getty | Bloomberg)

OxyContin-maker Purdue Pharma filed for Chapter 11 bankruptcy protection Sunday night amid accusations from state attorneys general that its owners-members of the mega-rich Sackler family-are lowballing opioid victims in a proposed deal to settle around 2,000 lawsuits, mostly from state and local governments.

The bankruptcy filing is part of the proposed deal, which would lead to a company restructuring and a transfer of assets that Purdue says will be valued between $10 billion and $12 billion over time. That includes at least $3 billion from the Sackler family directly.

Purdue is estimated to have made more than $35 billion from OxyContin sales, and the Sacklers have an estimated family fortune of $13 billion, mostly siphoned from Purdue's OxyContin profits.

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