Purdue Pharma to sell consumer business for $397 million

Source: Reuters

“Bankrupt Purdue Pharma received a U.S. judge’s permission on Tuesday to sell its consumer health business for $397 million to a subsidiary of Arcadia Consumer Healthcare. U.S. Bankruptcy Judge Sean Lane approved Purdue’s sale of Avrio Health at a hearing in White Plains, New York, allowing Purdue to begin liquidating its assets while it awaits a final ruling on a $10 billion settlement that would devote the company’s remaining resources to combating the U.S. opioid epidemic. Purdue’s creditors’ committee has pushed the company to use the proceeds from the sale to get started on that effort by compensating victims of the opioid crisis and funding addiction treatment programs. Purdue attorney Eli Vonnegut said at Tuesday’s hearing that the company supports that goal, but will need to build consensus among various stakeholders in its bankruptcy first.” (05/23/23)