Teva Pharmaceutical Settles Opioid Suit With West Virginia
May 25 2022 - 10:38AM
Dow Jones News
By Chris Wack
Teva Pharmaceutical Industries Ltd. said its Teva
Pharmaceuticals affiliate reached an agreement with the attorney
general of West Virginia that settles the state's and its
subdivisions opioid-related claims.
The company said the settlement will provide West Virginia with
$75 million over 15 years, in addition to $8 million in attorneys'
fees and costs incurred during the trial.
Teva said it will also provide its generic version of Narcan
naloxone hydrochloride nasal spray, valued at $27 million, over 10
years.
West Virginia Attorney General Patrick Morrisey said Wednesday
that the settlement announced was a total of $161.5 million,
because it also included Allergan, now owned by AbbVie Inc.
According to the settlement, West Virginia will receive payments
totaling more than $134.5 million in cash over the length of the
agreement, provided that the state has received sign-ons from its
political subdivisions.
The settlement structure is consistent with previously announced
settlements. In April, Johnson & Johnson said it would pay $99
million to settle its own West Virginia lawsuit. West Virginia was
one of several states that didn't join a nationwide $5 billion
opioid settlement that Johnson & Johnson completed in February
to resolve state and local government lawsuits against the
company.
Teva said the settlement agreement isn't an admission of any
liability or wrongdoing, and it continues to actively negotiate a
national settlement.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
May 25, 2022 10:23 ET (14:23 GMT)
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