The Sackler family will give up ownership of the company and contribute $4.5 billion but will be freed from any future lawsuits over opioids.
A U.S. bankruptcy judge is expected to rule on whether the OxyContin maker will settle thousands of lawsuits.
The owners of Purdue Pharma may soon be immune to future litigation over their role in the opioid epidemic under a bankruptcy plan advanced by a federal judge.
“I’m not sure that I’m aware of any family in America that’s more evil than yours,” Rep. Jim Cooper (D-Tenn.) said.
The Sackler name — now synonymous with the opioid epidemic — is “inconsistent with our institution’s values," the school 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.
The decision comes after protesters demanded that the name be taken down in light of the ongoing opioid crisis.
The billionaire family, which owns OxyContin maker Purdue Pharma, distanced itself from the addiction crisis in a letter of warning.
The charitable organization tied to the Sackler family, which owns OxyContin manufacturer Purdue Pharma, said it had “jointly agreed not to proceed.”