Purdue Pharma L.P. (“Purdue”) today announced the appointment of former United States Agriculture Secretary and Iowa Governor Tom Vilsack as Monitor under the voluntary self-injunction approved on November 6, 2019, in its chapter 11 bankruptcy case.
In its initial bankruptcy filings, Purdue voluntarily proposed to formalize under court order its commitment to continue to refrain from engaging in certain promotional activities related to the sale of opioid products by requesting that the Bankruptcy Court enter into an injunction so requiring. Purdue also immediately acceded to the Court’s suggestion of a monitor.
In his role as monitor, Secretary Vilsack will report to the Bankruptcy Court and Purdue’s Board on Purdue’s compliance with the terms of the voluntary injunction.
“The opioid crisis is a significant and urgent public health challenge, about which Purdue is deeply concerned. Our company supports and welcomes the appointment of Secretary Vilsack as monitor, to further advance the goals of our settlement framework,” said Purdue CEO Dr. Craig Landau. “Through the chapter 11 process, Purdue seeks to deliver in an expeditious manner more than $10 billion of value, including lifesaving medicines, to families and communities affected by the opioid crisis.”
Pursuant to the Voluntary Injunction, Secretary Vilsack will have unfettered access to Purdue’s employees, books, records and facilities, and will provide quarterly reports to the Board of Directors and the Bankruptcy Court regarding compliance.
Since Jan. 2017, Secretary Vilsack has served as president and CEO of the U.S. Dairy Export Council (USDEC). In this role, he provides strategic leadership and oversight of the council’s global promotional and research activities, regulatory affairs and trade policy initiatives.
Prior to joining the USDEC, Secretary Vilsack spent eight years as U.S. Secretary of Agriculture, during which time he worked on the 21st Century Cures Act that directed significant funding toward opioid abuse. Before his appointment to President Obama’s Cabinet, Secretary Vilsack served two terms as Governor of Iowa, in the Iowa State Senate, and as the mayor of Mt. Pleasant, Iowa.
Secretary Vilsack received a bachelor’s degree from Hamilton College and a law degree from Albany Law School in New York.
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About Purdue Pharma L.P.
Purdue Pharma and its subsidiaries develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers 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’s subsidiaries include: Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the reimagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development.
For more information, visit www.purduepharma.com.