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The US drug maker Purdue Pharma has filed for bankruptcy, as part of its efforts to face thousands of lawsuits that are accusing the company of fueling the opioid crisis in the United States.
The board of directors of the company approved the filing of Chapter 11 Sunday.
This decision aims in part to resolve more than 2,000 lawsuits filed against Purdue for its alleged role in the opioid epidemic.
Last week, the firm reached an interim agreement to settle most of these lawsuits.
But some states remain opposed to the proposed regulation.
The company, owned by the billionaire Sackler family, is accused of playing a detrimental role in the opioid crisis by selling drugs such as the painkiller OxyContin.
In a statement reported by Reuters, members of the Sackler family said: "We hope that the reorganization process of the current bankruptcy will end our Purdue property and will ensure that its assets are dedicated to the public interest. ".
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What is the opioid crisis?
Opioids are a group of drugs ranging from codeine to illicit drugs such as heroin. Prescription opioids are primarily used to relieve pain, but can be highly addictive.
On average, 130 Americans die each day from an opioid overdose, according to the US Center for Disease Control and Prevention, which says more than 200,000 Americans have died from opioid-related overdoses during last two decades.
Companies such as Purdue are accused of using deceptive practices to sell opioids, including minimizing their addictive quality.
Purdue said the US regulator, the Food and Drug Administration, had approved the labels for OxyContin containing warnings about the risks.
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