Teva agrees opioid settlement with Florida

Teva  credit: Shutterstock

Teva will pay Florida $177 million over 15 years and provide opioid overdose treatments worth $84 million over 10 years.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) has announced that it has reached an agreement with the Attorney General of Florida that settles the state's opioid-related claims.

Under the terms of the settlement, Teva will pay Florida $177 million over 15 years. The Israeli pharmaceutical company will also provide Florida its recently launched generic opioid overdose treatment Narcan (naloxone hydrochloride nasal spray) valued at $84 million (wholesale acquisition cost) over 10 years.

Teva said that the settlement is another critical step forward in getting life-saving treatments to people suffering from opioid addiction and stressed that the settlement agreement is not an admission of any liability or wrongdoing. Teva said that it would continue to defend itself in court in states where it has not reached terms of a settlement agreement.

In February, Teva reached a similar settlement with Texas, in which it will pay $150 million over 15 years and provide Narcan worth $75 million (wholesale acquisition cost) over 10 years. Last week Teva reached a settlement with Rhode Island in which it will pay $21 million over 13 years and $78.5 million in Narcan and other treatments over 10 years.

Published by Globes, Israel business news - en.globes.co.il - on March 30, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

Teva  credit: Shutterstock
Teva credit: Shutterstock
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