RICHMOND, Va., Aug. 21,
2023 /PRNewswire/ -- Indivior PLC (LSE/Nasdaq: INDV),
a leading addiction treatment company, announced that its
subsidiary, Indivior Inc. (the "Company"), has reached an agreement
("Agreement") to resolve the claims brought by the end payor class
of litigants ("the End Payor Claimants") in the In re
Suboxone Antitrust Litigation multi-district litigation
("MDL"). The Agreement marks the resolution of the End Payor
Claimants' claims against the Company in the MDL. The Agreement is
subject to initial approval by the United
States District Court for the Eastern District of
Pennsylvania (the "Court"), a
notice period, participation by an appropriate number of end payors
and final approval of the Court.
As part of the Agreement, the Company expects to pay
$30 million to the End Payor
Claimants. The settlement amount is in line with the current
provision of $188 million for the
MDL. Once the Agreement is approved and entered by the Court, the
final settlement amount will be recorded against the $188 million provision. Payment into an escrow
account for the benefit of the End Payor Claimants is expected to
be made in September of 2023, and funded from the Company's
existing cash balance.
"We remain focused on helping those suffering from substance use
disorders and mental illness," said Mark
Crossley, Chief Executive Officer. "Resolving these legacy
legal matters at the right value helps us further our mission for
patients and creates greater certainty for our stakeholders."
As set out in the Company's half year report on July 27, 2023, the Company continues to prepare
for trial on October 30, 2023, in
relation to the remaining claims of the direct purchaser class
while at the same time exploring the possibility of settlement at
the right value with this class.
Important Cautionary Note Regarding Forward-Looking
Statements
This news release contains certain
statements that are forward-looking. Forward-looking statements
include, among other things, statements regarding expected court
approval of the settlement, the expected timing of settlement
payments, the ultimate cost to resolve certain legacy litigation
matters including the MDL; and other statements
containing the words "believe", "anticipate", "plan", "expect",
"intend", "estimate", "forecast," "strategy," "target," "guidance,"
"outlook," "potential", "project", "priority," "may", "will",
"should", "would", "could", "can", "outlook," "guidance", the
negatives thereof, and variations thereon and similar expressions.
By their nature, forward-looking statements involve risks and
uncertainties as they relate to events or circumstances that may or
may not occur in the future.
Actual results may differ materially from those expressed or
implied in such statements because they relate to future events.
Various factors may cause differences between Indivior's
expectations and actual results, including, among others, that the
Agreement is approved by the Court initially and finally and that
an appropriate number of end payors participate in the
settlement; the material risks described in the most recent
Indivior PLC Annual Report and in subsequent releases; the
substantial litigation and ongoing investigations to which we are
or may become a party; our reliance on third parties to manufacture
commercial supplies of most of our products, conduct our clinical
trials and at times to collaborate on products in our pipeline; our
ability to comply with legal and regulatory settlements, healthcare
laws and regulations, requirements imposed by regulatory agencies
and payment and reporting obligations under government pricing
programs; risks related to the manufacture and distribution of our
products, some of which are controlled substances; market
acceptance of our products as well as our ability to commercialize
our products and compete with other market participants; the
uncertainties related to the development of new products, including
through acquisitions, and the related regulatory approval process;
our dependence on a small number of significant customers; our
ability to retain key personnel or attract new personnel; our
dependence on third-party payors for the reimbursement of our
products and the increasing focus on pricing and competition in our
industry; unintended side effects caused by the clinical study or
commercial use of our products; our use of hazardous materials in
our manufacturing facilities; our import, manufacturing and
distribution of controlled substances; our ability to successfully
execute acquisitions, partnerships, joint ventures, dispositions or
other strategic acquisitions; our ability to protect our
intellectual property rights and the substantial cost of litigation
or other proceedings related to intellectual property rights; the
risks related to product liability claims or product recalls; the
significant amount of laws and regulations that we are subject to,
including due to the international nature of our business;
macroeconomic trends and other global developments; the terms of
our debt instruments, changes in our credit ratings and our ability
to service our indebtedness and other obligations as they come due;
changes in applicable tax rate or tax rules, regulations or
interpretations; and our ability to realize our deferred tax
assets.
Forward-looking statements speak only as of the date that they
are made and should be regarded solely as our current plans,
estimates and beliefs. Except as required by law, we do not
undertake and specifically decline any obligation to update,
republish or revise forward-looking statements to reflect future
events or circumstances or to reflect the occurrences of
unanticipated events.
About Indivior
Indivior is a global pharmaceutical
company working to help change patients' lives by developing
medicines to treat addiction and serious mental illnesses. Our
vision is that all patients around the world will have access to
evidence-based treatment for the chronic conditions and
co-occurring disorders of substance use disorder (SUD). Indivior is
dedicated to transforming SUD from a global human crisis to a
recognized and treated chronic disease. Building on its global
portfolio of OUD treatments, Indivior has a pipeline of product
candidates designed to both expand on its heritage in this category
and potentially address other chronic conditions and co-occurring
disorders of SUD, including alcohol use disorder and cannabis use
disorder. Headquartered in the United States in Richmond, VA,
Indivior employs more than 1,000 individuals globally and its
portfolio of products is available in 39 countries worldwide.
Visit www.indivior.com to learn more. Connect with Indivior on
LinkedIn by visiting www.linkedin.com/company/indivior.
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SOURCE Indivior PLC