Hikma Announces Agreement in
Principle for Nationwide US Opioid Settlement
Framework
·
Hikma has agreed in principle to a nationwide
settlement that is designed to resolve its opioid-related claims
with U.S. states, local communities and tribal nations
·
Under the agreement in principle, Hikma would pay
up to $115 million in cash and $35 million in
donations of naloxone, an opioid antagonist used to reverse the
effects of opioid overdose
London, February 1, 2024: Hikma
Pharmaceuticals PLC, along with its wholly owned subsidiary Hikma
Pharmaceuticals USA Inc., today announced that it has reached an
agreement in principle to resolve the vast majority of the opioid
related cases brought against the Company by U.S. states, their
subdivisions, and tribal nations. These cases relate to the
manufacture and sales of prescription opioid medications. If
all conditions are satisfied and depending on the number of states
and local governments that elect to opt into the agreement, Hikma
agrees to pay up to $115 million in cash and $35
million[1] in
donations of Hikma's naloxone, an opioid antagonist used to reverse
the effects of opioid overdose.
This settlement is not an admission
of wrongdoing or liability and Hikma will continue to defend
against any litigation that this settlement does not
resolve.
Commenting, Sam Park, Hikma's
General Counsel, said: "I am pleased that we have been able to
reach a settlement framework agreement that works for all parties,
while providing clarity to all of our stakeholders in regard to
ending these pending matters. This payment and product
donation will directly support state and local efforts in
addressing the impact of the opioid crisis in their
communities."
This announcement contains inside
information. The person responsible for the release of this
announcement on behalf of Hikma is Helen Middlemist, Company Secretary.
- ENDS
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Enquiries
Hikma
(Investors):
Susan Ringdal
EVP, Strategic Planning and Global
Affairs
|
+44 (0)20 7399 2760/ +44 (0)7776
477050
|
Guy Featherstone
Associate Director, Investor
Relations
|
+44 (0)20 3892 4389/ +44 (0)7795
896738
|
Layan Kalisse
Senior Associate, Investor
Relations
|
+44 (0)20 7399 2788/ +44 (0)7970
709912
|
Teneo (Press):
Charles
Armitstead
+44 (0)7703 330 269
About Hikma
Hikma Pharmaceuticals PLC (LSE: HIK)
(NASDAQ Dubai: HIK) (OTC: HKMPY) (LEI:549300BNS685UXH4JI75) (rated
BBB-/stable S&P and BBB-/positive Fitch)
Hikma helps put better health within
reach every day for millions of people around the world. For more
than 46 years, we've been creating high-quality medicines and
making them accessible to the people who need them. Headquartered
in the UK, we are a global company with a local presence across the
North America, the Middle East and North Africa (MENA) and Europe,
and we use our unique insight and expertise to transform
cutting-edge science into innovative solutions that transform
people's lives. We're committed to our customers, and the people
they care for, and by thinking creatively and acting practically,
we provide them with a broad range of branded and non-branded
generic medicines. Together, our 8,850 colleagues are helping to
shape a healthier world that enriches all our communities. We are a
leading licensing partner, and through our venture capital arm, are
helping bring innovative health technologies to people around the
world. For more information, please visit:
www.hikma.com
©2024 Hikma Pharmaceuticals PLC. All
rights reserved.