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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