By Will Feuer

 

Teva Pharmaceutical Industries Ltd. and Abbvie Inc.-owned Allergan said they have finalized the terms of their proposed nationwide opioid settlements, paving the way for the sign-on processes for states to begin.

Israel-based Teva's U.S. affiliate said the documentation of its proposed settlement has been finalized with the working group of states' attorneys general and the committee of lawyers representing counties, cities and Native American tribes.

The sign-on process for states will now begin, Teva said, followed by a similar sign-on process for the states' subdivisions and special districts.

"We remain optimistic that a high participation rate in this nationwide settlement will be achieved, enabling us to put these cases behind us and continue to focus on the patients we serve every day," the company said.

In a separate statement, Allergan said it also has agreed to a nationwide settlement through which it would provide up to $2.02 billion to help support state and local efforts to address opioid-related issues in the U.S., as well as reimburse attorneys' fees and costs. The company said it has also resolved claims related to the generic prescription opioid business Allergan divested to Teva in 2016. Allergan and Teva have also resolved Teva's indemnification obligations, the companies said.

Teva's American depositary receipts rose almost 5%, to $9.25, in premarket trading.

Teva earlier this year agreed to pay $4.25 billion to settle investigations by U.S. states' attorneys general and other government entities, stemming from allegations over its past sales and marketing of opioid pain medications. The settlement includes providing up to $1.2 billion of Teva's generic version of the opioid-overdose reversal drug Narcan. Teva didn't admit wrongdoing in the settlement.

Teva and other pharmaceutical companies, drug wholesalers and retail pharmacies have been embroiled in litigation with cities, counties, states and Native American tribes accusing them of contributing to the overuse of opioids in the U.S.

 

Write to Will Feuer at Will.Feuer@wsj.com

 

(END) Dow Jones Newswires

November 22, 2022 09:36 ET (14:36 GMT)

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