Stocks Shoot Up on Opioid Fix –
Oct. 21, 2019 – Under the deal, Teva agreed to donate $23 billion in opioid addiction treatment drugs and pay $250 million over 10 years. The company said there is an agreement in principle with a group of attorneys general from North Carolina, Pennsylvania, Tennessee, Texas and other defendants. “The company is pleased to positively contribute to solving the nationwide opioid epidemic,” Teva said in a statement. “Teva has consistently committed to complying with all laws and regulations regarding its manufacture and sale of opioids. Shortly after the announcement, CNBC reported that attorneys for the plaintiff municipalities said they were not on board with Teva’s settlement framework and the proposal appears to be “the same proposal that 17 municipalities rejected on Friday.” Teva, the world’s largest generic drugmaker, also announced a settlement with two Ohio counties that would provide opioid addiction treatment for three years. Neither settlement includes an admission of liability. More than 2,000 counties, cities and states have sued more than a dozen drug companies, distributors and pharmacies, alleging the industry helped create the nation’s opioid epidemic. A ’bellwether” trial was set to begin this week involving two Ohio counties. But four drug companies, including Teva, reached a last-minute deal.
