The Sackler name — now synonymous with the opioid epidemic — is “inconsistent with our institution’s values," the school said.
Federal officials had the power to put key figures in the opioid crisis behind bars but didn't, Connecticut Attorney General William Tong said.
The company helped fuel the opioid crisis through aggressive marketing of its powerful painkiller.
The family received $4.1 billion in cash between 2008 and 2017 after the company was fined for misleading the public about OxyContin's addiction risks.
The Boston area school said it would not return donations from the billionaire family.
Mundipharma, a drug company owned by the Sackler family, used false claims to push the opioid in China.
The Sacklers, the family behind OxyContin, allegedly wired around a billion dollars to their own bank accounts while defending their role in the opioid crisis.
OxyContin maker Purdue Pharma has settled a consolidated lawsuit accusing the company and the Sackler family of being responsible for the opioid crisis.
Purdue Pharmaceuticals is involved in over 2,000 lawsuits related to more than 400,000 overdose deaths in the last 20 years.
The decision comes after protesters demanded that the name be taken down in light of the ongoing opioid crisis.