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Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Purdue Pharma Announces Landmark Agreement with Oklahoma to Advance the Treatment of Addiction

March 26, 2019 GMT

STAMFORD, Conn.--(BUSINESS WIRE)--Mar 26, 2019--Purdue Pharma L.P. today announced that it has entered into a landmark agreement with the state of Oklahoma that will establish a National Center for Addiction Studies and Treatment at Oklahoma State University (OSU) in Tulsa.

The National Center will be housed at OSU’s Center for Wellness and Recovery and its mission will be to improve the lives of people in Oklahoma and across the country that are affected by pain and substance use disorders through programs focused on research, education, treatment, and public policy initiatives. The Center’s vision is to become the premier addiction research center in the country.

“Purdue is very pleased to have reached an agreement with Oklahoma that will help those who are battling addiction now and in the future,” said Craig Landau, MD, president and CEO, Purdue Pharma. “We applaud Attorney General Mike Hunter for his leadership in making such an agreement possible.”

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The Center will be supported by a National Scientific Advisory Board, made up of leading experts from academia, medicine, law enforcement, and treatment who will work closely with the Center’s staff to support its work and guide its various initiatives. The members of this Advisory board will be selected by the Center.

“Purdue has a long history of working to address the problem of prescription opioid abuse and diversion,” said Dr. Landau. “We see this agreement with Oklahoma as an extension of our commitment to help drive solutions to the opioid addiction crisis, and we pledge Purdue’s ongoing support to the National Center and the life-saving work it will do for generations to come.”

Purdue will contribute $102.5 million to fund the creation of the National Center. The company will also donate $20 million worth of medicines to support the Center’s treatment mission.

The Company’s agreement with Oklahoma – which resolves all of the state’s claims against Purdue —also includes an additional Company payment of $72.5 million, of which $12.5 million will be available to counties and cities in the state to abate the effects of opioid crisis, up to $60 million for costs and fees related to the litigation, and any remainder will revert to the Center.

In addition to support from Purdue Pharma, the Sackler Family has pledged to contribute $75 million over five years to the National Center at OSU.

A spokesperson for the Drs. Mortimer and Raymond Sackler families said: “We have profound compassion for those who are affected by addiction. The National Center will provide immediate assistance to Oklahomans and individuals nationwide who need these services, and our support is in keeping with our family’s continuing commitment to making meaningful contributions to solutions that save lives.”

About Purdue Pharma L.P.

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Purdue Pharma and its subsidiaries develop and provide prescription medicines that meet the evolving needs of healthcare professionals, patients, and caregivers. We were founded by physicians and are currently led by a physician. Beyond our efforts to provide quality medications, Purdue Pharma is committed to supporting national, regional and local collaborations to drive innovations in patient care while also continuing our efforts to address the opioid addiction crisis.

Purdue established Imbrium Therapeutics L.P. to further advance its emerging portfolio and develop its pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships. Purdue’s subsidiaries also include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders, and Greenfield Bioventures, an investment vehicle focused on value-inflection in early stages of clinical development. For more information, visit www.purduepharma.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190326005886/en/

CONTACT: Media:

Robert Josephson

Purdue Pharma L.P.

Office: +1-203-588-7114

Robert.Josephson@pharma.com

KEYWORD: UNITED STATES NORTH AMERICA CONNECTICUT OKLAHOMA

INDUSTRY KEYWORD: OTHER CONSUMER PRACTICE MANAGEMENT HEALTH OTHER HEALTH CONSUMER GENERAL HEALTH

SOURCE: Purdue Pharma L.P.

Copyright Business Wire 2019.

PUB: 03/26/2019 02:43 PM/DISC: 03/26/2019 02:43 PM

http://www.businesswire.com/news/home/20190326005886/en