Israel’s Teva Pharmaceutical Industries Ltd may have thought that the company put its past troubles behind it with last week’s announcement that it had finally concluded its nationwide settlement of class action suits brought by almost all of the individual U.S. States for its part in the American opioid epidemic. Eva was one of the companies charged with allowing the proliferation of highly addictive painkillers.
Last week it was revealed that Teva Pharmaceuticals will pay the State of Nevada $193 million over the next 20 years (including all fees and costs), and this settlement resolves the case prior to trial, which had been scheduled to begin in August 2023.. The announcement of the deal led to a brief jump in Teva Pharmaceuticals’ shares on the Tel Aviv Stock Exchange (TASE). But those gains were lost during Sunday’s trading. (Sunday is the first day of the work week in Israel).
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It was only one and a half years ago that Teva Pharmaceuticals was found guilty in a NY trial of contributing to America’s opioid crisis. A jury in New York State found that Teva had in fact promoted the use of addictive painkillers.
In a statement about the Nevada deal, Teva Pharmaceuticals released a statement saying that this agreement, “resolved its opioid litigation with all 50 U.S. states and more than 99% of the litigating subdivisions and special districts.”
The Company also stated that it anticipates making its first payment under the nationwide opioids settlement agreement in the second half of 2023 and that Teva has already begun shipments of its generic version of the life-saving medication, Narcan® (naloxone hydrochloride nasal spray) under its prior opioid settlements, and expects to expand these shipments under the nationwide opioids settlement agreement in 2024.
In January, Jewish Business News reported on how Teva Pharmaceuticals, a U.S. affiliate of Teva Pharmaceutical Industries Ltd reached a settlement with 48 U.S. states over the opioid epidemic scandal and the company’s role in it. Teva said at the time that there was a “sufficient level of participation to move forward with its nationwide settlement agreement to resolve opioid-related claims and litigation by states, cities, counties, and other subdivisions in the United States.”
