Teva Pharma Shares Up 6% After Louisiana Opioid Settlement
September 28 2021 - 1:39PM
Dow Jones News
By Chris Wack
Teva Pharmaceutical Industries Ltd. shares were up 6% to $9.81
after the company said its U.S. affiliate, Teva Pharmaceuticals,
has reached an agreement with the attorney general of Louisiana
that settles the state's opioid-related claims.
The company said the agreement is contingent on confirmation
from the state by Nov. 2 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 period and will provide an additional
donation of lifesaving medicines to aid in opioid addiction and
recovery, valued at $3 million.
Teva said it is continuing 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 it has not reached terms of a settlement
agreement.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
September 28, 2021 13:24 ET (17:24 GMT)
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