Teva & Texas Reach $225M Opioid Settlement

Teva & Texas Reach $225M Opioid Settlement

Introduction

The state attorney general of Texas announced that Teva Pharmaceutical Industries and Texas has reached an opioid settlement worth $225 million that will resolve the opioid claims against the drugmaker.

As per the settlement agreement, Teva would pay $150 million over 15 years and provide medication to counter the effects of opioid overdoses.

It is the largest deal ever struck by Teva in more than 3,500 lawsuits faced by the company, along with other drug companies. Opioid overdoses have resulted in hundreds of thousands of deaths over the last two decades.

Oklahoma and Louisiana also agreed on similar settlements with Teva. Teva denied all the allegations and continued to defend itself. Teva's chief executive informed that it would be in the best interest of Teva to put the cases aside and focus on the well-being of the opioid-addicted patients.

The jury announced the verdict by considering the earlier settlements of Teva in December with the state of New York and two counties that claimed the company used deceptive marketing strategies to boost opioid sales resulting in opioid addiction among the population.

Earlier, a California judge even awarded a verdict in the favor of Teva and three other drugmakers by stating that the companies could not be held responsible for fueling the opioid epidemic in the state.