Teva Reaches Agreement with Louisiana to Settle the State’s Opioid-Related Claims
TEL AVIV, Israel & PARSIPPANY, N.J.--(BUSINESS WIRE)-- Teva Pharmaceuticals, a U.S. affiliate of Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA), has reached an agreement with the Attorney General (AG) of Louisiana that settles the state’s opioid-related claims. The agreement is contingent on confirmation from the state by November 2, 2021 that all political subdivisions will release Teva as part of the settlement.
Under the terms of the settlement, Teva will pay Louisiana $15 million over an 18-year time period and will provide an additional donation of lifesaving medicines to aid in opioid addiction and recovery, valued at $3 million (wholesale acquisition cost). Teva continues to negotiate a national settlement and remains open in parallel to pursuing opportunities with individual states such as the deal announced today, as long as it is consistent with the nationwide approach. The Company will continue to defend itself in court in states such as New York and California where we have not reached terms of a settlement agreement.
Teva believes that today’s settlement with Louisiana is a positive step forward in getting life-saving medicines to people suffering from opioid addiction.
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) has been developing and producing medicines to improve people’s lives for more than a century. We are a global leader in generic and specialty medicines with a portfolio consisting of over 3,500 products in nearly every therapeutic area. Around 200 million people around the world take a Teva medicine every day, and are served by one of the largest and most complex supply chains in the pharmaceutical industry. Along with our established presence in generics, we have significant innovative research and operations supporting our growing portfolio of specialty and biopharmaceutical products. Learn more at www.tevapharm.com.
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This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on management’s current beliefs and expectations and are subject to substantial risks and uncertainties, both known and unknown, that could cause our future results, performance or achievements to differ significantly from that expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: our ability to successfully compete in the marketplace; our substantial indebtedness; our business and operations in general, including: uncertainty regarding the COVID-19 pandemic and its impact on our business, financial condition, operations, cash flows, and liquidity and on the economy in general; the effects of reforms in healthcare regulation and reductions in pharmaceutical pricing, reimbursement and coverage; compliance, regulatory and litigation matters, including: failure to comply with complex legal and regulatory environments; increased legal and regulatory action in connection with public concern over the abuse of opioid medications and our ability to reach a final resolution of the remaining opioid-related litigation; scrutiny from competition and pricing authorities around the world, including our ability to successfully defend against the U.S. Department of Justice criminal charges of Sherman Act violations; potential liability for patent infringement; product liability claims; failure to comply with complex Medicare and Medicaid reporting and payment obligations; compliance with anti-corruption sanctions and trade control laws; and environmental risks; other financial and economic risks; and other factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2020, including in the sections captioned "Risk Factors” and “Forward Looking Statements.” Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise. You are cautioned not to put undue reliance on these forward-looking statements.
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Kevin C. Mannix
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Source: Teva Pharmaceutical Industries Limited