Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) and the state of Oklahoma, have entered into an agreement for a one-time payment of $85 million to the state. The settlement resolves the state’s claims against Teva, the Israeli pharmaceutical company has announced.
Teva added that, "The settlement does not establish any wrongdoing on the part of the company; Teva has not contributed to the abuse of opioids in Oklahoma in any way."
The Israeli pharmaceuticals company said that it had resolved this matter in a way that benefits the people who have suffered from abuse of opioids and to help stop the effects of the opioid crisis.
Teva added that it, "remains focused on its future as a leader in creating access to life saving medications like the company’s recent final approval for the first generic naloxone spray, which is widely recognized as an essential lifesaving medication to combat opioid abuse."
"While the company has long stated that the courtroom is not a place to address the crisis, Teva is pleased to put the Oklahoma case behind it and remains prepared to vigorously defend claims against the company, including the upcoming federal court trial in Cleveland where the majority of the cases are pending."
Teva said that Oklahoma will allocate the payment made by Teva at its discretion including for payment of its fees and costs in connection with this settlement.
The company also said that, "Teva recognizes the devastating impact to communities across the U.S. as a result of illegal drug use and the misuse and abuse of opioids that are available legally by prescription. Teva continues to advocate for collaborative solutions throughout the country."
Published by Globes, Israel business news - en.globes.co.il - on May 26, 2019
© Copyright of Globes Publisher Itonut (1983) Ltd. 2019