Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) today announced the conclusion of a full resolution on its US nationwide settlement agreement on opioid claims brought by US states, their subdivisions, and special districts, by reaching a separate settlement with the final state of Nevada. Teva will pay Nevada $193 million over 20 years (including all fees and costs), and this settlement resolves the case prior to trial, which had been scheduled to begin in August 2023.
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Teva has resolved its opioid litigation with all 50 US states and more than 99% of the litigating subdivisions and special districts. The company anticipates making its first payment under the nationwide opioids settlement agreement in the second half of 2023. Teva has already begun shipments of its generic version of the life-saving medication, Narcan (naloxone hydrochloride nasal spray) under its prior opioid settlements, and will expand these shipments under the nationwide opioids settlement agreement in 2024.
While the final agreement includes no admission of wrongdoing by Teva, it remains in the company’s best interest, and in the interest of those impacted by the opioid crisis.
Teva’s share price is up 2.17% on Wall Street today, giving a market cap of $8.578 billion.
Published by Globes, Israel business news – en.globes.co.il – on June 8, 2023.
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