Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) CEO Kåre Schultz has advised “Reuters” that the Israeli firm might pay as a lot as $3.6 billion in money and drugs to settle hundreds of lawsuits alleging it and different drug corporations fueled the US opioid epidemic.
Earlier this week, Teva reached a settlement value $225 million with Texas. Teva pays Texas $150 million over 15-years and can present its not too long ago launched generic Narcan (naloxone hydrochloride nasal spray) for treating opioid habit, valued at $75 million (wholesale acquisition price), over 10 years.
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Schultz advised “Reuters” that primarily based on that settlement, in addition to a proposed nationwide settlement with three giant drug distributors and drugmaker Johnson & Johnson value $26 billion, Teva would doubtless pay $2.7 billion to $3.6 billion unfold over 15 years. Beneath such components, the money portion for Teva would doubtless quantity to about $1.8 billion to $2.4 billion.
Schultz stated, “The Texas mannequin is an efficient one as a result of it satisfies the necessity for money … whereas nonetheless sustaining a good portion of the settlement as merchandise that actually may help the individuals affected by substance abuse,” he stated after Teva issued fourth-quarter revenue that beat estimates.
Schultz added that he was assured a deal may very well be reached within the subsequent yr. “It is troublesome to foretell when there could be a breakthrough,” Schultz advised “Reuters,” however the Texas settlement is a “good framework to make use of nationwide.”
Revealed by Globes, Israel enterprise information – en.globes.co.il – on February 10, 2022.
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