Knoa Pharma Begins Operations as a New, Public Health-Focused Company Dedicated to Supporting Patients and Abating the Opioid Crisis

Key Terms

chapter 11 regulatory

Chapter 11 is a U.S. bankruptcy process that lets a financially distressed company keep operating while it reorganizes its debts and business plan under court supervision. Think of it as a formal pause that allows the company to renegotiate payments, shed contracts or assets, and seek a path to profitability instead of being liquidated; investors watch it because it can change the value and priority of claims, equity dilution, or the likelihood of recovery.

501(c)(4) regulatory

A 501(c)(4) is a U.S. tax classification for a nonprofit “social welfare” group that can operate without paying federal income tax while promoting community or public-policy goals; donations to it are generally not tax-deductible. Think of it like a neighborhood association that can lobby, run advocacy campaigns and spend on some political activity with fewer donor-disclosure rules than charities, which can create regulatory, reputational or policy risks for companies and influence markets and legislation investors watch.

opioid analgesics medical

Opioid analgesics are prescription drugs that reduce moderate to severe pain by dampening pain signals in the brain and nervous system; think of them as a dimmer switch that lowers the body’s pain alarm. They matter to investors because their sales, regulation, legal exposure, and reimbursement policies can strongly affect a drugmaker’s revenue and risk profile, and shifts in public health policy or prescribing habits can change market demand quickly.

overdose reversal agents medical

Overdose reversal agents are medicines that quickly stop or reverse the life-threatening effects of taking too much of a drug, acting like a safety switch or antidote that restores vital functions until full medical care can be given. Investors watch these products because demand, regulatory approvals, distribution in hospitals and emergency services, and pricing or reimbursement determine how widely they are used and how profitable developers and suppliers can be.

opioid use disorder medical

Opioid use disorder is a medical condition where a person repeatedly seeks and uses opioid drugs despite harmful physical, social or mental effects, often involving strong cravings and withdrawal symptoms when stopping. It matters to investors because its prevalence, availability of effective treatments, regulatory responses, and legal or insurance costs can shift demand, revenue and risk across drug makers, treatment providers and insurers—like a widespread problem that reshapes an entire market.

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New Foundation Trustees and Company Board Appointed to Oversee Knoa Pharma’s Public Health Purpose; Company Board to Ensure Safe and Responsible Operations

STAMFORD, Conn.--(BUSINESS WIRE)-- Knoa Pharma LLC (“Knoa Pharma”) today begins operations as an independent company created to ensure safe access to medicines that are critical to patient care and to support communities with a purpose dedicated to abating the opioid crisis and improving public health. The company emerged following the conclusion of Purdue Pharma L.P.’s Chapter 11 proceedings on May 1, 2026, at which time Purdue permanently ceased operations. Established with the key stakeholders and creditor constituencies, including the United States Department of Justice, the States, Territories and other governmental entities, personal injury victims, and other stakeholders, Knoa Pharma was designed with strong governance, clear accountability, and a commitment to serving the public good.

Knoa Pharma is 100% owned by the newly established not-for-profit Knoa Foundation, a 501(c)(4). This governance structure, which will ensure strong oversight of the company as it delivers on its purpose, establishes two independent boards comprising individuals who have no prior association with Purdue:

• The Knoa Foundation Board of Trustees, which includes three notable leaders in public health, drug policy, and large-scale philanthropy; and,
• The Knoa Pharma Board of Directors, which includes four leaders with expertise in pharmaceuticals, operations, ethics and compliance, corporate governance, audit, and finance.

As a public health-focused pharmaceutical company, Knoa Pharma will safely and responsibly manufacture existing medicines, including opioid analgesics, to address critical patient needs, and will continue to advance its branded and generics portfolio to treat a range of medical conditions. Importantly, Knoa Pharma will not promote opioid products. The company operates under a strict operating injunction with oversight by an independent monitor¹ to ensure it provides these medicines in the safest possible manner that limits the risk of diversion.

Value generated through Knoa Pharma’s business will be used to support opioid abatement efforts across the United States, including the company’s initiatives to provide overdose reversal agents and opioid use disorder medicines at no profit.

“Knoa Pharma’s unique model ensures that the company’s resources directly support public health,” said Dr. Paul Rothman, Chair of the Knoa Foundation Board of Trustees. “Through not‑for‑profit access to overdose reversal medicines and treatments for opioid use disorder, Knoa Pharma is committed to providing care and saving lives in communities most affected by the opioid crisis.”

“Knoa Pharma launches with the scientific expertise, governance, and operational discipline needed to deliver essential medicines safely and responsibly,” said Dr. Norbert Riedel, Chair of the Knoa Pharma Board of Directors. “Our focus now is on building a sustainable and accountable company that can meet critical patient needs and support the broader public health purpose entrusted to us.”

Together, the independent Trustees of the Knoa Foundation and the members of the Knoa Pharma Board of Directors will ensure that Knoa Pharma operates responsibly, sustainably, and transparently, and in accordance with its public health purpose.

Advancing Knoa Pharma’s Public Health Initiatives

Knoa Pharma is committed to addressing critical public health challenges related to the opioid crisis through evidence-based efforts focused on expanding access to lifesaving overdose reversal tools and medications used to treat opioid use disorder. These public health initiatives operate under a not-for-profit model designed to make treatments available at or below the cost of production.

Foundation Trustees and Board of Directors Biographies

Knoa Foundation Board of Trustees:

Paul B. Rothman, MD, Board Chair
Paul Rothman is the former CEO of Johns Hopkins University School of Medicine and Dean of the Medical Faculty. At Johns Hopkins, Dr. Rothman oversaw one of the world’s leading academic medical centers, with deep involvement in clinical care, research, and public health policy. He is a member of the National Academy of Medicine and serves on the Board of Directors of LabCorp (NYSE: LH) and Merck (NYSE: MRK). Dr. Rothman previously served as Dean of Carver College of Medicine at the University of Iowa and Professor of Medicine and Chief of Pulmonary, Allergy and Critical Care at Columbia University.

Rahul Gupta, MD, MPH, MBA
Rahul Gupta is President of GATC Health, an AI-driven technology company focused on drug discovery, precision medicine, and predictive analytics. He previously served as Director of the White House Office of National Drug Control Policy (ONDCP), where, following Senate confirmation, he became the first physician to lead the office and coordinated a $44 billion annual budget across 19 federal agencies while overseeing the nation’s drug policy. Dr. Gupta earlier served as Chief Medical and Health Officer and Senior Vice President at March of Dimes, advancing national and global maternal and infant health priorities. He also served as West Virginia Health Commissioner under two Governors and as a local health commissioner, leading statewide public health transformation and complex crisis response efforts. Dr. Gupta serves as clinical professor of medicine at Georgetown University School of Medicine and visiting faculty at the Harvard T.H. Chan School of Public Health. He continues to practice medicine.

David Saltzman
David Saltzman is the Co-Founder of the Atria Health and Research Institute, and Chairman and Co-Founder of the Atria Research and Global Health Institute, a not-for-profit organization dedicated to eradicating medical inequity. Additionally, Mr. Saltzman is the Co-Founder, Director and former longtime Executive Director of The Robin Hood Foundation, New York City’s largest local poverty-fighting philanthropy. He serves as a Director of Rithm Capital (NYSE: RITM) and iMentor. Mr. Saltzman previously served as a Director of the Hershey Trust Company and the Milton Hershey School, Zearn, the Relay Graduate School of Education and a number of other for-profit and not-for-profit organizations. Early in his career, he helped run some of the earliest AIDS education programs for the NYC Department of Health.

Knoa Pharma Board of Directors:

Norbert Riedel, Ph.D., Board Chair
Dr. Norbert Riedel is former Executive Chairman and CEO of Aptinyx (formerly NASDAQ: APTX). He is currently Chairman of Eton Pharmaceuticals and a Board member of Jazz Pharmaceuticals, Angitia Biopharmaceuticals, Atsena Therapeutics, and the non-profit Illinois Biotechnology Innovation Organization. Dr. Riedel previously served as CEO and President of Naurex; Corporate VP and Chief Science and Innovation Officer at Baxter International; Head of Worldwide Biotechnology at Hoechst Marion Roussel (now Sanofi); and Director of Ariad Pharmaceuticals, Cerevel Therapeutics, and Oscient Pharmaceuticals. Dr. Riedel is a member of the Austrian Academy of Sciences and served on Governor Pat Quinn’s Illinois Innovation Council. He is an adjunct professor at Boston University School of Medicine and Northwestern University’s Feinberg School of Medicine. Previously, he was Associate Professor of Medicines at Boston University School of Medicine and visiting professor at the Massachusetts Institute of Technology. Dr. Riedel holds a Ph.D. in Biochemistry from the University of Frankfurt and was a postdoctoral fellow at Harvard.

Karen Griffin
Karen Griffin is Executive Vice President and Chief Risk Officer at Mastercard (NYSE: MA) and a member of the Executive Leadership Team and Management Committee. Prior to this role, she was Executive Vice President and Chief Compliance Officer. Ms. Griffin was previously Senior Vice President and Chief Compliance Officer at Visa (NYSE:V), and Vice President of the Office of Business Conduct at Alcatel-Lucent. She has also held several business leadership roles at Lucent Technologies and AT&T including Product Management, Customer Delivery and Engineering. Ms. Griffin currently serves as Vice Chair of the ICC Global Commission on Business Integrity and is a member of the World Economic Forum Steering Committee for Partnering Against Corruption Initiative. She is a long-standing member of the B20 Integrity and Compliance Task Force across multiple presidencies. Ms. Griffin previously served as a member of the Mastercard Europe Board of Directors, the World Economic Forum Global Future Council on Good Governance, and Co-Chair of the B20 Integrity and Compliance Task Force.

Patricia Lang, HR/Comp Chair
Patricia Lang is Senior Vice President and Chief Human Resources Officer Emeritus at Enovis (NYSE: ENOV), a global medical device company where she recently served as Senior Vice President and Chief Human Resources Officer. She previously served as Chief Human Resources Officer of Colfax, a global industrial compounder with $3.3 billion in revenue, and as Chief People Officer for Diebold Nixdorf (NYSE:DBD), a financial and retail technology company with $3.7 billion in revenue. In her more than 35 years in human resources and related fields, Ms. Lang has held leadership positions at companies such as Mylan Pharmaceuticals, CONSOL Energy, Mercer Consulting, and Cigna. She serves on the American Bath Group Board of Directors where she is a member of the Compensation Committee.

Mike McHale, Audit Chair
Mike McHale is a retired Deals and Global Client Relationship Partner at PricewaterhouseCoopers (PwC). In his more than 35 years at PwC, Mr. McHale provided a broad range of mergers and acquisitions services including industry strategic assessments, business and financial due diligence, accounting and tax structure, post-merger integration, and value capture to corporations in a variety of industries. He was also responsible for overseeing the audit, tax, and consulting services across global fund and portfolio company structures. Mr. McHale is a Certified Public Accountant in New York and an adjunct instructor at Colby College.

Interim CEO Appointment

Marc Kesselman, previously the company’s Chief Legal Officer, EVP Strategy & Corporate Affairs, has been appointed to serve as President & Chief Executive Officer of Knoa Pharma while a comprehensive search is conducted for a permanent CEO. Mr. Kesselman brings extensive senior leadership experience across government, legal, and corporate roles. He has served in the United States Department of Justice, the White House, and as the Senate-confirmed General Counsel of the United States Department of Agriculture; has held senior positions at global companies; and has played a central role in shaping Knoa Pharma’s public health-focused structure.

About Knoa Pharma LLC
Knoa Pharma makes important medicines safely and responsibly, while innovating to benefit patients and the public health. The company is dedicated to safely distributing medicines that are critical to patient care, enhancing its robust generics portfolio, addressing unmet medical needs, and supporting initiatives to address the opioid crisis. Our public minded mission enables us to expand access to lifesaving overdose reversal medicines and affordable treatments for opioid use disorder – at no profit. Owned by a not-for-profit foundation, everything we do is centered on improving public health, saving lives, supporting recovery, and bringing forward medicines that make a meaningful difference. Learn more at www.knoapharma.com.

¹ Former Montana Governor, Steve Bullock, is serving as monitor.

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Source: Knoa Pharma LLC