Drug-maker Purdue Pharma, manufacture of the OxyContin drug, has filed for bankruptcy protection, as part of efforts to deal with thousands of lawsuits that accuse the firm of fueling the US opioid crisis.
The company owned by the billionaire US Sackler family, has offered to settle over 2000 lawsuits filed by local officials in more than 20 states.
Steve Miller, chairman of Purdue's board of directors, explained that under the proposed settlement, the company will waive all its assets for the public benefit.
"This settlement framework avoids wasting hundreds of millions of dollars and years on protracted litigation, and instead will provide billions of dollars and critical resources to communities across the country trying to cope with the opioid crisis," the company said.
According to the German News Agency, the OxyContin drug is a painkiller extracted from opioid, and it has contributed to a significant increase of deaths from excessive opium abuse in the United States.