ABBV AbbVie Inc

By Kathryn Hardison

Allergan, a unit of AbbVie Inc., has agreed to a pact in an opioid settlement, North Carolina Attorney General Josh Stein said Friday.

Mr. Stein and a bipartisan group of attorneys general said the proposed settlement would require Allergan, a former opioid maker, to pay up to $2.37 billion to participating states and local governments in a step to address the opioid crisis.

This follows a related $4.25 billion proposed settlement announced Tuesday with Teva Pharmaceuticals.

Both settlements are contingent on the resolution of key issues, such as details about the settlement structure. The parties are also negotiating terms requiring transparency and business practice changes.

AbbVie acquired Allergan in 2020. Allergan formerly made Norco- and Kadian-branded and generic opioids.

AbbVie shares fell 7% to $139.12, up 2.8% for the year.

Write to Kathryn Hardison at kathryn.hardison@wsj.com

(END) Dow Jones Newswires

July 29, 2022 12:32 ET (16:32 GMT)

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