CVS, Teva, Others Enter A $878M Opioid Settlement With Florida

CVS, Teva, Others Enter A $878M Opioid Settlement With Florida

Introduction

CVS Health Corp and three drug companies have reached an $878 million settlement with Florida to avoid the next month's trial over the companys' role in fueling the opioid crisis.

As per the agreement, Endo International Plc will pay $65 million, Allergan unit will pay $134.2 million, Teva Pharmaceutical Industries Ltd will pay $194.8 million and CVS will pay $484 million of the settlement amount.

Most of the settlement amount would be used to take necessary measures to control the future opioid crisis. Teva will also provide a generic Narcan nasal spray worth $84 million. The spray can temporarily reverse the effects of opioid overdoses.

All four companies have denied the allegations in the opioid lawsuits. A similar $26 million settlement has also been reached between Endo and West Virginia.

On April 4, West Virginia will proceed to trial against Johnson & Johnson, Teva and Allergan over the opioid crisis. Even Florida will proceed with a trial with jury selection on April 5 against the pharmacy chain Walgreens.

Florida's latest claims have been covered in Walgreens' 2012 opioid-related settlement. It will also defend the pharmacists, as informed by the company.

CVS and Teva informed that they would continue to defend against other opioid lawsuits. Teva announced that it is negotiating similar claims of the national settlement. The spokesperson for Allergan informed that it has covered the claims through settlement for generic opioids it sold to Teva in 2016.

According to the U.S. Centers for Disease Control and Prevention, the country reported the death of more than 500,000 people due to opioid overdoses, with 75,673 in the year ending April 2021.