Purdue Pharma Rebrands as Knoa Pharma After $7 Billion Settlement

Purdue Pharma is nearing a pivotal transformation as it prepares to emerge from bankruptcy under the new name Knoa Pharma. This significant shift comes after a federal bankruptcy court, led by Judge Sean H. Lane, approved a settlement requiring the Sackler family to contribute $7 billion over the next 15 years.

This financial commitment aims to address the extensive damage caused by the opioid crisis, which has claimed hundreds of thousands of lives. Funds will be allocated to assist states, communities, and individuals impacted by the crisis.

However, some stakeholders, including Baltimore's mayor, have opted out of the settlement, indicating ongoing dissatisfaction with the resolution. As the company pivots towards developing addiction treatment medications, the settlement underscores the lasting repercussions of the opioid epidemic.