Teva Pharmaceutical Reaches Global Opioid Settlement; Shares Soar

Source: Wikipedia

Teva Pharmaceutical reached a global settlement to resolve all of the lawsuits filed against it in connection with its role in the opioid epidemic across the United States.

On Monday, Teva said it has an “agreement in principle with a group of state attorneys general and other entities to resolve all of the pending and potential opioid litigations against it.

Under the settlement, the pharmaceutical company agreed to donate $23 billion worth of buprenorphine naloxone (sublingual tablets) known by the brand name Suboxone, a treatment for opioid addiction. It also agreed to pay $250 million over ten years.

Additionally, Teva confirmed that it reached a settlement agreement with Cuyahoga and Summit counties of Ohio.

The company agreed to donate $25 million worth of Suboxone and to pay $20 million in cash to Cuyahoga and Summit counties. The settlement resolves the allegations against it by both counties in connection with the opioid epidemic.

“The Teva product donation will significantly contribute to the care and treatment of people suffering from addiction and assist impacted communities,” according to the company.”