Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) has announced that it has reached an agreement with the Attorney General of Rhode Island that settles the state's opioid-related claims.
Under the terms of the settlement, Teva will pay Rhode Island $21 million over 13-years. The Israeli pharmaceutical company will also provide Rhode Island its recently launched generic opioid overdose treatment Narcan (naloxone hydrochloride nasal spray) and a significant amount of buprenorphine naloxone (sublingual tablets), known by the brand name Suboxone, valued at a combined $78.5 million (wholesale acquisition cost) over 10 years.
The settlement structure is consistent with previously announced settlements. 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.
Teva stressed that the settlement agreement is not an admission of any liability or wrongdoing and the company will continue to defend itself in court, in states where it has not reached terms of a settlement agreement.
Published by Globes, Israel business news - en.globes.co.il - on March 22, 2022.
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