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Report: Stamford company confirms DOJ probe

October 26, 2017 GMT

Purdue Pharma confirmed to Bloomberg that it is under investigation by federal prosecutors in Connecticut over its Oxycontin opioid drug, with the company having its headquarters in Stamford.

U.S. Attorney Deirdre Daly is in her final days in office this week. Purdue Pharma told Bloomberg it is cooperating with the investigation, and that it is “committed to being part of the solution to our nation’s opioid crisis.”

States and municipalities nationally have sued Purdue Pharma in hopes of holding the company accountable for an epidemic of opioid abuse. Connecticut Attorney General George Jepsen stated this month that his office has undertaken its own investigation of opioid makers, without singling out Purdue Pharma by name.

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In 2007, Purdue Pharma and three executives paid a combined $635 million to settle an investigation into its marketing of OxyContin over more than a decade.

President Donald Trump expected to declare Thursday a public health emergency that will increase federal funding.

Under its Dr. Craig Landau appointed CEO in July and his predecessor Mark Timney, Purdue Pharma has been attempting to expand its portfolio of medications beyond OxyContin, both through internal development as well as acquisitions and partnerships with other companies.

Alex.Soule@scni.com; 203-842-2545; @casoulman

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