Teva, Allergan reach yet another opioid settlement — effectively ending WV trial
Teva and Allergan have reached settlements with multiple states over their involvement in the opioid crisis. Their latest is worth 9 figures.
West Virginia attorney general Patrick Morrisey announced the newest settlement, worth $161.5 million, at a press conference on Wednesday. The deal would resolve claims that the companies helped fuel the state’s opioid epidemic. If it goes through, it could become the largest state-negotiated settlement in West Virginia’s history, according to Reuters.
The settlement would effectively end a trial that’s been going on for the last two months in Kanawha County Circuit Court, as those two companies were the last defendants remaining. The companies did not admit any wrongdoing as part of the settlement.
“This settlement, along with other settlements we will receive from other cases, will provide significant help to those affected the most by the opioid crisis in West Virginia,” Morrisey said in a statement.
Teva and Allergan are following in the footsteps of J&J and Endo, which settled with the state earlier this year. West Virginia had accused the defendants of misrepresenting the risk of opioids.
Most recently, Teva and Allergan signed a settlement with Florida alongside Endo and CVS. Teva has also reached an agreement with Louisiana, Texas and Rhode Island over the past few months.
As for Teva’s end of the deal, the company has agreed to pay West Virginia $75 million over the next 15 years, along with $8 million in attorneys’ fees and trial costs. Additionally, Teva will provide $27 million worth of Narcan over the next 10 years.
While Teva did not immediately respond to a request for comment, the company said in a statement that “today’s settlement with the state of West Virginia is another critical step forward in getting life-saving treatments to people suffering from addiction to opioids. This settlement agreement is not an admission of any liability or wrongdoing, and the Company continues to actively negotiate a national settlement.”
Speaking of that commitment to pursue a national settlement — one that was echoed by Teva CEO Kåre Schultz earlier this year and was thought to be within reach by February 2023 — Bloomberg reported just a few weeks ago that both Teva and Allergan were open to settling more than 3,500 lawsuits for over $5 billion, but those companies remain tight-lipped as negotiations continue.