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Teva, AbbVie finalize $6.6 billion U.S. opioid settlements

By Brendan Pierson (Reuters) - Teva Pharmaceutical Industries (NYSE:TEVA) Ltd and AbbVie Inc (NYSE:ABBV) have finalized the terms of settlements worth more than $6.6 billion to...
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By Brendan Pierson

(Reuters) - Teva Pharmaceutical Industries (NYSE:TEVA) Ltd and AbbVie Inc (NYSE:ABBV) have finalized the terms of settlements worth more than $6.6 billion to resolve thousands of lawsuits by U.S. state and local governments over the marketing of opioid painkillers, the companies and lawyers for the governments said Tuesday.

Under the deals, first announced in July, Israel-based Teva will pay up to $4.25 billion, including a supply of the overdose drug naloxone. AbbVie will pay up to $2.37 billion. The final amounts of the settlements will depend on how many state and local governments opt into them.

Lead attorneys for state and local governments in a joint statement called the deals "significant steps forward in our continued efforts to hold those responsible for the opioid epidemic accountable and obtain the necessary resources to battle its catastrophic effects."

Teva and AbbVie did not admit wrongdoing. The two companies said that as part of the settlements, they have resolved a dispute between them over responsibility for claims stemming from generic opioid business that Allergan (NYSE:AGN) sold to Teva in 2016.

The sprawling litigation over opioids, which began in 2017, has yielded more than $40 billion in settlements with drugmakers, distributors and pharmacy chains.

State and local authorities have said they will use the money to combat the opioid crisis, which according to federal government data has caused nearly 650,000 overdose deaths since 1999 and is continuing to worsen.

Overdoses involving opioids, including prescription pills and heroin, surged during the COVID-19 pandemic, increasing 38% in 2020 over the previous year and another 15% in 2021, according to the U.S. Centers for Disease Control and Prevention.

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01-10-2023 16:55:19 (UTC+7)

EUR/USD

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EUR/USD

1.0572

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AUD/USD

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USD/CAD

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EUR/JPY

157.92

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    EUR/USD 1.0572 ↑ Sell  
    GBP/USD 1.2201 ↑ Sell  
    USD/JPY 149.38 Neutral  
    AUD/USD 0.6438 ↑ Buy  
    USD/CAD 1.3575 ↑ Buy  
    EUR/JPY 157.92 ↑ Sell  
    EUR/CHF 0.9677 Neutral  
    Gold 1,864.60 ↑ Sell  
    Silver 22.390 Neutral  
    Copper 3.7340 ↑ Buy  
    Crude Oil WTI 90.77 ↑ Sell  
    Brent Oil 92.09 ↑ Sell  
    Natural Gas 2.930 ↑ Sell  
    US Coffee C 145.23 ↑ Sell  
    Euro Stoxx 50 4,173.35 ↑ Sell  
    S&P 500 4,288.05 ↑ Sell  
    DAX 15,386.58 ↑ Sell  
    FTSE 100 7,608.08 ↑ Sell  
    Hang Seng 17,822.00 Buy  
    Small Cap 2000 1,785.10 ↑ Sell  
    IBEX 35 9,428.00 ↑ Sell  
    BASF 42.950 ↑ Sell  
    Bayer 45.45 ↑ Sell  
    Allianz 225.70 Sell  
    Adidas 166.62 ↑ Sell  
    Lufthansa 7.506 Neutral  
    Siemens AG 135.66 ↑ Sell  
    Deutsche Bank AG 10.450 ↑ Sell  
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Cập nhật 01-10-2023 16:55:21
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Sản phẩm Vùng 1 Vùng 2
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JPY158,64167,93
KRW15,6319,04
Cập nhật lúc 16:51:00 01/10/2023
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