As Purdue Pharma grapples with thousands of lawsuits blaming the company for contributing to the opioid crisis, the drug maker has signaled it may file bankruptcy. If that happens, some newly created subsidiaries are likely to come under scrutiny.
Over the past several months, Purdue has launched two limited partnerships that are now marketing or developing drugs that were previously listed as part of the Purdue product portfolio. Several current and former Purdue executives run these companies, both of which the drug maker refers to as operating subsidiaries. And a Purdue entity holds trademark rights for their names.
One is Adlon Therapeutics, which recently won Food and Drug Administration approval to market an ADHD pill. The other subsidiary is Imbrium Therapeutics, which has a joint development and marketing deal with Eisai for an insomnia pill that could be approved later this year by the FDA. The deal was first announced in 2015 between Purdue and the Japanese drug maker.
This is the Panama Papers: Pharma Edition.
The article should state that there is not a relationship between Purdue Pharma and Purdue University.
The Sacklers wholesaled opiates to Americans, with the help of the regulators. They lied about their product, and created a false narrative, which the media is still following to cover their tracks. So far the only people punished, where the DEA agents who tried to enforce the law. They will at least try to get away with hiding their assets, it is the American way. They have gotten away with all of it for this long.
Quite a turn of phrase – “In legal parlance, such concerns are known as fraudulent conveyance” – mr ed. Now what kind of noble and upstanding corporate entity would attempt such a thing? (Rhetorical question – or “April Fools?)
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