After it encountered difficulties in the shape of Judge Thad Balkman of the Cleveland County Court in Oklahoma two weeks ago, the way has now been opened for Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) to sign a settlement with the State of Oklahoma in the affair concerning opioid-based painkillers.
According to overseas reports, Governor of Oklahoma Kevin Stitt has reached agreement with the state attorney on an $85 million settlement with Teva. Attorney Bob Burke, who serves as a spokesman for the court in the case against the pharmaceutical companies, said that a revised agreement with Teva would be presented to the judge in the case on Monday.
Teva agreed to pay $85 million to settle the opioid painkillers affair, in which people taking the drugs became addicted, without admission of guilt. The judge refused to approve the settlement, demanding further information from the State of Oklahoma on how the money paid by Teva would be distributed, in order to ensure that the settlement did not violate state law. This development led to a 9% drop in Teva's share price two weeks ago.
Teva's share price is up 3.34% on the Tel Aviv Stock Exchange this morning, thereby closing an arbitrage gap that opened up after the stock jumped 4% to $8.45 in New York on Friday.
Published by Globes, Israel business news - en.globes.co.il - on June 23, 2019
© Copyright of Globes Publisher Itonut (1983) Ltd. 2019