Teva Pharma Reaches Opioid Settlement With Nevada, the Final State to Resolve Claims

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 [e-mail]

(END) Dow Jones Newswires

June 08, 2023 09:12 ET (13:12 GMT)

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