Teva Pharma Reaches Opioid Settlement With Nevada, the Final State to Resolve Claims
08 Juni 2023 - 3:27PM
Dow Jones News
By Robb M. Stewart
Teva Pharmaceutical Industries said Thursday it has agreed to
pay Nevada $193 million over 20 years after reaching a settlement
with the final U.S. state to resolve opioid-related claims brought
against the Israeli drugmaker.
The company said it has now resolved opioid litigation with all
50 states and more than 99% of the litigating subdivisions and
special districts. It expects to make its first payment under the
nationwide opioids settlement in the second half of this year, and
has already begun shipments of its generic version of the
medication Narcan under previous settlements.
The settlement with Nevada, which included no admission of
wrongdoing, resolves the case before trial, which was scheduled to
begin in August. Teva said it was in its best interest, and in the
interest of those impacted by the opioid crisis, to conclude the
settlement and for the company to continue to focus on
patients.
In January, Teva said most states had given the go-ahead to move
forward with the nationwide settlement in an effort to resolve
claims from states, cities, counties and other subdivisions
throughout the U.S. related to the company's alleged role in the
opioid crisis.
Teva's American depositary receipts were 1.5% higher in
premarket trading in New York after closing the last session at
$7.38, down 19% so far this year.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
June 08, 2023 09:12 ET (13:12 GMT)
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