Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) has announced that it has reached an agreement with the Attorney General of Texas to settle the state’s and its subdivisions opioid-related claims for $225 million. Under the terms of the settlement, Teva will pay Texas $150 million over 15-years and will provide its recently launched generic Narcan (naloxone hydrochloride nasal spray) for treating opioid addiction, valued at $75 million (wholesale acquisition cost), over 10 years.
Teva president and CEO Kåre Schultz said, "Expanding access to lifesaving medicines is at the core of Teva’s mission. The Texas Attorney General is taking steps to address the opioid epidemic in the State by negotiating a settlement that includes critical medicines as part of their solution. While the settlement includes no admission of wrongdoing by Teva or its affiliates, it remains in the best interest of Teva to put these cases behind us and continue to focus on the patients we serve every day."
Since December 2021, Teva has made available Naloxone, the first generic version of Narcan, a life-saving medication that can reverse an overdose from opioids, and has included it in the company’s pursuit of a national or narrower settlement with individual states, such as the deal announced today.
Teva said that it will continue to defend itself in court in states where it has not reached terms of a settlement agreement. Teva added that it believes today’s settlement with Texas is a critical step forward in getting life-saving treatments to people suffering from opioid addiction.
Published by Globes, Israel business news - en.globes.co.il - on February 7, 2022.
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