Sackler Family
Net Worth $10.8 Billion
The Sacklers have been in the news in the last years for all the wrong reasons. Purdue Pharma, which was founded in 1952, is the source of the family’s vast fortune. However, in 1995 when the company has developed the pain killer OxyContin, they really launched into high gear. It is so addictive that it become a common drug of abuse. “Between 1995 and 2001, OxyContin generated $2.8 billion in revenue for Purdue Pharma.”
As the use of opioids becomes epidemic the Sackler family is now facing a barrage of bad news. Purdue Pharma agreed to a $600 million settlement in 2007 after admitting to misrepresenting OxyContin as being safer and less addictive than it was, and the business has been dogged by lawsuits ever since.
In 2018, Purdue Pharma developed a new version of buprenorphine which reduces cravings and is used to treat opiate addictions like OxyContin.
In September 2021 the company received approval for a $4.5 billion plan that will legally dissolve the pharmaceutical manufacturer and restructure it into a public benefit corporation focused on addressing the opioid crisis and compensating individuals and families who have been harmed by its products.
A settlement with the Sackler family, insurance money, and continued corporate activities will all be used to fund this restructure. All creditor claims against the Sacklers (who are not in bankruptcy), removing the family’s exposure to civil action over opioid addiction.
The statutory constraints on the issue are still being debated in Congress.
