Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) reported today that it had either already settled with or confirmed participation from 48 of the 50 US states and that it would continue to pursue participation by those states that have yet to join.
The Israeli pharmaceutical company said that a sufficient level of participation in the settlement had been reached to allow it to move forward "With its nationwide settlement agreement to resolve opioid-related claims and litigation by states, cities, counties, and other subdivisions in the US. The sign-on process for the states’ subdivisions will now begin. Given the very positive response from states, the company remains optimistic that the nationwide settlement will garner similar support from the states’ subdivisions."
In November 2022, Teva announced that it had reached an agreement with the working group of States’ Attorneys General and plaintiffs’ lawyers representing the states and subdivisions, on the nationwide opioids settlement. Teva agreed to pay up to $4.25 billion, including a supply of the overdose drug naloxone.
While the agreement will include no admission of wrongdoing, Teva added that it, "Remains in the company’s best interest - and in the interest of those impacted by the opioid crisis - to settle these cases and to continue to focus on the patients Teva serves every day."
Teva's share price is currently up 5.09% on the NYSE at $11.06, giving the company a market cap of $12.3 billion.
Published by Globes, Israel business news - en.globes.co.il - on January 9, 2023.
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