Teva, Allergan Settle Opioid Lawsuit With West Virginia

  • U.S. affiliate of Teva Pharmaceutical Industries Ltd TEVA has reached an agreement with the Attorney General of West Virginia that settles the state's opioid-related claims. 
  • The settlement will provide West Virginia with $75 million over 15 years and $8 million in attorneys' fees and costs incurred during the trial. 
  • Related: West Virginia Says J&J, Teva, AbbVie Caused 'Tsunami' Of Opioid Addiction: Reuters.
  • Teva will also provide its life-saving medicine, the generic version of Narcan (naloxone hydrochloride nasal spray), valued at $27 million (wholesale acquisition cost), over 10 years. 
  • The lawsuit against Teva and Allergen was filed in 2019 in Boone County Circuit Court.
  • West Virginia Attorney General Patrick Morrisey stated that the total settlement with Teva and AbbVie Inc ABBV unit Allergan totals $161.53 million.
  • West Virginia will receive $134.5 million, which will be used "to abate the massive problems caused by the flood of opioids" into the state, Morrisey said in a statement.
  • West Virginia has now reached ~$297 million in settlements with five companies, Morrisey added.
  • Also Read: Teva, Allergan Ready To Pay $5B To Settle Lawsuits Related To Opioid Painkillers: Bloomberg.
  • West Virginia previously reached a $99 million settlement with Johnson & Johnson JNJ 
  • Price Action: TEVA shares are up 5.03% at $8.88 during the market session on the last check Wednesday.

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