CVS Health, Teva Settle Florida State's Opioid-Related Claims: Report

  • Florida has reached more than $878 million in settlements with CVS Health Corp CVS and three drug companies to resolve claims and avert a trial next month over their roles in fueling an opioid epidemic.
  • CVS will shell out $484 million, Teva Pharmaceutical Industries Ltd TEVA will pay $194.8 million, Abbvie Inc's ABBV Allergan unit will pay $134.2 million, and Endo International Plc ENDP will pay $65 million, Florida's attorney general Ashley Moody said in a statement.
  • Most of the money will be spent on opioid abatement. Teva will also provide $84 million of its generic Narcan nasal spray, which can temporarily reverse the effects of opioid overdoses.
  • Also See: Rhode Island Announces $107M Opioid Settlements With Teva, Allergan: Reuters.
  • The four companies denied wrongdoing in agreeing to settle.
  • Moody said pharmacy chain Walgreens Boots Alliance Inc WBA is the only remaining defendant in Florida's opioid litigation, with jury selection scheduled to begin on April 5.
  • Last month, Johnson & Johnson JNJ and drug distributors reached final settlements worth $26 billion over their roles in the nationwide epidemic. 
  • Price Action: TEVA shares are up 6.19% at $9.36, and CVS stock is down 2.05% at $102.52 during the market session on the last check Wednesday.

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