Teva Reaches Agreement With Rhode Island to Settle Opioid-Related Claims
Teva Pharmaceuticals, a U.S. affiliate of Teva Pharmaceutical Industries Ltd. and its affiliates, has reached an agreement with the Attorney General of Rhode Island that settles the state’s and its subdivisions opioid-related claims.
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Under the terms of the settlement, Teva will pay Rhode Island $21 million over 13-years and will provide its recently launched, lifesaving medicine generic Narcan (naloxone hydrochloride nasal spray) and a significant amount of buprenorphine naloxone (sublingual tablets) known by the brand name Suboxone, valued at a combined $78.5 million (wholesale acquisition cost) over 10 years. The settlement structure is consistent with previously announced settlements and includes a significant component of life-saving medicines – ample supply to meet or exceed the current need in the state of Rhode Island for the next 10 years – while including additional expenses from the trial that was set to start on March 16, 2022. The Company continues to actively negotiate a national settlement.
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Teva believes that today’s settlement with the state of Rhode Island is in the best interest of those impacted by the opioid crisis and a critical step forward in getting life-saving treatments to the people who need them. This settlement agreement is not an admission of any liability or wrongdoing and the Company will continue to defend itself in court, in states where we have not reached terms of a settlement agreement.
Buprenorphine naloxone is the primary drug used to treat opioid addiction and considered the gold standard. Naloxone is a life-saving medication that can reverse an overdose from opioids.1 Teva has included these products in its ongoing pursuit of a national or narrower settlement with individual states such as the deal announced .
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