Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) has announced that it has reached an agreement with the Attorney General of West Virginia that settles the state's opioid-related claims.
Under the terms of the settlement, Teva will pay West Virginia $75 million over 15 years in addition to $8 million in legal fees and costs incurred during the trials. The Israeli pharmaceutical company will also provide West Virginia its recently launched generic opioid overdose treatment Narcan (naloxone hydrochloride nasal spray) valued at $27 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 negotiate a national settlement.
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. In March, 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, as well as a settlement with Florida, in which it will pay $177 million over 15 years and provide opioid overdose treatments worth $84 million over 10 years.
Published by Globes, Israel business news - en.globes.co.il - on May 25, 2022.
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