Teva Reaches Agreement with Louisiana to Settle the State’s Opioid-Related Claims
September 28 2021 - 12:40PM
Business Wire
Teva Pharmaceuticals, a U.S. affiliate of Teva Pharmaceutical
Industries Ltd. (NYSE and TASE: TEVA), has reached an agreement
with the Attorney General (AG) of Louisiana that settles the
state’s opioid-related claims. The agreement is contingent on
confirmation from the state by November 2, 2021 that all political
subdivisions will release Teva as part of the settlement.
Under the terms of the settlement, Teva will pay Louisiana $15
million over an 18-year time period and will provide an additional
donation of lifesaving medicines to aid in opioid addiction and
recovery, valued at $3 million (wholesale acquisition cost). Teva
continues to negotiate a national settlement and remains open in
parallel to pursuing opportunities with individual states such as
the deal announced today, as long as it is consistent with the
nationwide approach. The Company will continue to defend itself in
court in states such as New York and California where we have not
reached terms of a settlement agreement.
Teva believes that today’s settlement with Louisiana is a
positive step forward in getting life-saving medicines to people
suffering from opioid addiction.
About Teva
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) has
been developing and producing medicines to improve people’s lives
for more than a century. We are a global leader in generic and
specialty medicines with a portfolio consisting of over 3,500
products in nearly every therapeutic area. Around 200 million
people around the world take a Teva medicine every day, and are
served by one of the largest and most complex supply chains in the
pharmaceutical industry. Along with our established presence in
generics, we have significant innovative research and operations
supporting our growing portfolio of specialty and biopharmaceutical
products. Learn more at www.tevapharm.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, which are based on management’s current beliefs and
expectations and are subject to substantial risks and
uncertainties, both known and unknown, that could cause our future
results, performance or achievements to differ significantly from
that expressed or implied by such forward-looking statements.
Important factors that could cause or contribute to such
differences include risks relating to: our ability to successfully
compete in the marketplace; our substantial indebtedness; our
business and operations in general, including: uncertainty
regarding the COVID-19 pandemic and its impact on our business,
financial condition, operations, cash flows, and liquidity and on
the economy in general; the effects of reforms in healthcare
regulation and reductions in pharmaceutical pricing, reimbursement
and coverage; compliance, regulatory and litigation matters,
including: failure to comply with complex legal and regulatory
environments; increased legal and regulatory action in connection
with public concern over the abuse of opioid medications and our
ability to reach a final resolution of the remaining opioid-related
litigation; scrutiny from competition and pricing authorities
around the world, including our ability to successfully defend
against the U.S. Department of Justice criminal charges of Sherman
Act violations; potential liability for patent infringement;
product liability claims; failure to comply with complex Medicare
and Medicaid reporting and payment obligations; compliance with
anti-corruption sanctions and trade control laws; and environmental
risks; other financial and economic risks; and other factors
discussed in our Annual Report on Form 10-K for the year ended
December 31, 2020, including in the sections captioned "Risk
Factors” and “Forward Looking Statements.” Forward-looking
statements speak only as of the date on which they are made, and we
assume no obligation to update or revise any forward-looking
statements or other information contained herein, whether as a
result of new information, future events or otherwise. You are
cautioned not to put undue reliance on these forward-looking
statements.
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