Teva is worth $4.25 billion in more than Opioids

Teva Pharmaceuticals, one of the largest producers of generic opioids, announced an agreement with some 2,500 local, state and tribal governments for the company’s toxic, ongoing opioid epidemic.

The agreement – which is worth $4.25 billion – came after several explosive tests and previous settlements in the case of people across the country last year.

Although less well known, Teva, an Israeli company, and its partners produced prescription opioids during the peak years of the crisis more than marquee-name opioid manufacturers such as Johnson & Johnson did. Its production of both the painkiller and the brand used to undermine the results of Purdue Pharma, the maker of OxyContin, a drug that has been directly linked to eliminating overdoses and deaths.

Under the agreement, Teva will pay for more than 13 years, leading to state, local and tribal programs to ease the problem of opioids, which is only expanding during the coronavirus pandemic. The $4.25 billion total includes nearly $550 million in the company’s already-launched trials in San Francisco and Florida. West VirginiaTexas, Louisiana and Rhode Island.

States and municipalities may choose to accept part of their payments in the form of over-the-counter drugs, rather than cash.

Representatives brokered the deal for about a dozen state attorneys general. “Today’s announcement shows once again that those responsible for this terrible crisis will be held accountable and that help will be available to opioid patients,” said Tom Miller, Iowa’s attorney general, whose office is involved in the discussion. , said in a statement.

Teva said in a statement, “While the settlement will not involve an admission of wrongdoing, it is still good for us to put these lawsuits behind us and continue to focus on the patients we serve every day. .”

People close to the discussion said that about 10 to 12 percent of the money will be allocated for the fees for lawyers who, starting in 2013, brought cases against the company.

In 2016, Teva acquired Actavis, a division of Allergan. After the Teva deal is finalized, Allergan will also have to settle with the plaintiffs. Lawyers familiar with the negotiations said they expected the announcement to be made soon.

This agreement is also subject to the support of many state, local and tribal governments.

Lawyers and the main negotiating committee for the local government urged everyone to support the strong agreement: “We encourage all the parties to sign this agreement to allow the property these people get into the hands of those who need them as soon as possible,” they said in a statement.

Although the result seems likely, one participating state, among the twelve that discussed the process, has not yet signed: New York, as well as the counties of Nassau and Suffolk, which beat Teva and civil jury trials Last December. Under the shadow of the second phase of the case to determine financial remedies, New York is still having discussions with the company, said a spokesman for the New York attorney general’s office.

Getting the donation accepted by Teva has been a protracted battle for states, tribes and communities that have brought lawsuits against it. Although Purdue Pharma, for example, is associated with misleading advertising of drugs that are prescribed to doctors, drug manufacturers do not contact their customers. Teva has insisted that it does not market its opioids to doctors.

One of the Teva first maintenance provided, in 2019, consists almost entirely of medicine, with very little money. After Johnson & Johnson and three drug distributors also joined the original offer continued close the deal two years later, Teva continued to litigate.

But inside December 2020, Senate Finance Committee The discovery made Teva, among other manufacturers, the most important for the multi-million dollar hiring of advocacy groups that advocate for lawmakers and others, pushing for more painkillers. . During the trial, the plaintiffs said that Teva, which took the dominant position in the generics market by buying a small company, had ignored red flags like anti-drug laws.

Teva is worth $4.25 billion in more than Opioids

Source link Teva is worth $4.25 billion in more than Opioids

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