By Dean Seal

Teva Pharmaceutical Industries Ltd. said Monday that a sufficient number of states have given it the go-ahead to move forward with a nationwide settlement of opioid-related litigation.

The Israeli drugmaker said it has either already settled with or confirmed participation in the nationwide settlement from 48 of the 50 states. The company will continue to seek participation from the remaining two states, which it did not name.

The nationwide settlement will resolve claims from states, cities, counties and other subdivisions throughout the U.S. related to Teva's alleged role in the opioid crisis.

Teva said the sign-on process for states' subdivisions would now begin, adding that it is optimistic about the reception the deal will receive from subdivisions given the positive response so far from states.

The settlement, reached with a working group of states' attorneys general and counsel for the states and subdivisions, includes no admission of wrongdoing.

Teva's American depositary receipts rose 3.2%, to $10.86, in premarket trading.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

January 09, 2023 08:58 ET (13:58 GMT)

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