Teva Settles Nationwide Opioids Agreement

(RTTNews) - Teva Pharmaceuticals, a U.S. affiliate of Teva Pharmaceutical Industries Ltd (TEVA), announced on Thursday that it has concluded its nationwide settlement agreement regarding opioid claims brought by the U.S. states and has reached a separate settlement with the final state of Nevada.

Teva was one of the companies accused of its alleged role in the opioid epidemic, which led to thousands of lawsuits being filed.

The company will pay Nevada $193 million over 20 years and this includes all fees and costs.

With this development, the company has resolved its opioid litigation with all the 50 U.S. states and more than 99% of the litigating subdivisions and special districts.

Under the settlement terms, the first payment is expected to be made in the second half of 2023.

The company has also begun the shipments of its life saving generic drug Narcan, a naloxone hydrochloride nasal spray.

In premarket activity, shares of Teva were trading at $7.50 up 1.63% or $0.12 on the New York Stock Exchange.