Civil Plaintiff
Teva Will Pay Up to $3.6 Billion in Opioid Settlements
Teva Pharmaceutical Industries (TEVA.TA) said on Wednesday it was bracing to pay as much as $3.6 billion in cash and medicine to settle thousands of lawsuits alleging it and other drug companies fueled the U.S. opioid epidemic.
Israel-based Teva, the world’s largest generic drugmaker, this week reached a settlement worth $225 million with Texas, comprising $150 million in cash and $75 million in products.
Chief Executive Kåre Schultz told Reuters that based on that settlement, as well as a proposed nationwide settlement with three large drug distributors and drugmaker Johnson & Johnson (JNJ.N) worth $26 billion, Teva would likely pay $2.7 billion to $3.6 billion spread over 15 years.
