Teva Finalizes Terms For Proposed Nationwide Opioid Settlement

Teva Pharmaceuticals, a U.S. arm of Israeli drug maker- Teva Pharmaceutical Industries Ltd. (TEVA), said on Tuesday that it has finalized the documentation and terms of its proposed nationwide opioid settlement.

The documentation has been completed with both the working group of States' Attorneys General and the Multi-District Litigation Plaintiffs' Executive Committee.

With this move, the sign-on process for states will now start, followed by a similar sign-on process for the states' subdivisions and special districts, the company said in a statement.

Teva also noted that it has remained optimistic for a high participation rate in the current nationwide settlement.

Teva's latest opioid settlement move follows a nationwide settlement with the working group of States' Attorneys General, the Multi-District Litigation Plaintiffs' Executive Committee, and counsel for Native American tribes or Tribes.

In July of this year, the parties had agreed in principle on the financial terms of a final nationwide settlement.  Under the financial terms of the proposed nationwide settlement deal, Teva will pay up to $4.25 billion with additional sum of around $100 million for the Tribes, spread over 13 years. This total includes the supply of up to $1.2 billion of Teva's generic version of naloxone hydrochloride nasal spray or Narcan. Naloxone is an opioid antagonist. It is used in the treatment of opioid toxicity.

The nationwide settlement agreement is contingent upon, final documentation of the proposed nationwide settlement agreement, reaching sufficient participation by states and subdivisions, and Allergan reaching a nationwide opioids settlement.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT