Purdue Pharma was founded in 1892 by medical doctors John Purdue Gray and George Frederick Bingham in Manhattan. In 1952, the company was sold to two other medical doctors, brothers Raymond and Mortimer Sackler, who relocated the business to Yonkers, New York. The present-day company, Purdue Pharma L. P. was incorporated in 1991, and focuses on pain management medication. The company is one of the largest producers of off-patent generic opioids in the US. It is widely known for the production of drugs such as OxyContin and Ryzolt.
About Purdue Pharma in brief
Purdue Pharma was founded in 1892 by medical doctors John Purdue Gray and George Frederick Bingham in Manhattan. In 1952, the company was sold to two other medical doctors, brothers Raymond and Mortimer Sackler, who relocated the business to Yonkers, New York. The present-day company, Purdue Pharma L. P. was incorporated in 1991, and focuses on pain management medication. The company is one of the largest producers of off-patent generic opioids in the US. It is widely known for the production of drugs such as OxyContin and Ryzolt. The most commonly abused medications that the company produces are MS Contin and OxyContin, which can be abused by crushing them. In September 2015, theCompany announced it would acquire VM Pharma in the process gaining access to worldwide development and commercial rights to an allosteric selective tropomyosin receptor kinase inhibitor program, i. e. the Phase II candidate VM-902A. The deal could generate more than USD 213 million for VM Pharma. Craig Landau was appointed CEO on June 22, 2017. Steve Miller became chairman in July 2018 with board members left on board, leaving none on the board. By 2018, eight members of the Sackler family were listed to be active or former members. of the Board of Directors. By early 2019, the Sacklers had left the Purdue Pharma board, with none left on theBoard of Directors, leaving the company without a chairman or chief executive officer. In 1972, OxyContin was developed and its extended-release formulation, MS Contin, was released in 1984.
In 1996, its extended release formulation of morphine was released. In 2002, Oxycontin was released and itsextended-release formulations of morphine and hydrocodone were released in 1996. In 2007, it paid out one of. the largest fines ever levied against a pharmaceutical firm for mislabeling its product OxyContin. Three executives were found guilty of criminal charges. Although the company shifted its focus to abuse-deterrent formulations, Purdue continued to market and sell opioids as late as 2019, and continued to be involved in lawsuits around the opioid epidemic in the United States. Purdue filed for Chapter 11 bankruptcy protection on September 15, 2019 in New York, and filed for bankruptcy on October 21, 2020. In October 2020, it was reported that Purdue had reached a settlement potentially worth USD 8. 3bn, admitting that it had conspired and agreed with others to aid and abet doctors dispensing medication without a legitimate medical purpose. The Sacklers’ older brother, Arthur Sackler held a one-third option in the company, which was bought out by his brothers after his death. In 2013, he was appointed president and CEO of Purdue Pharma. By 2018,. he was listed as the company’s CEO and was chief medical officer and as vice president of R&D innovation, clinical and medical affairs. The company’s website said it had some 1,700 people on its payroll. It has never had an affiliation with Purdue University.
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