BRIEF—Teva agrees $177 million opioid-related settlement with Florida

Israeli generics giant Teva Pharmaceutical Industries says that its US subsidiary has reached an agreement with the Attorney General of Florida that settles the state’s and its subdivisions opioid-related claims.

The settlement will provide Florida $177 million over 15 years, as well as life-saving medicine generic Narcan (naloxone hydrochloride nasal spray), valued at $84 million (wholesale acquisition cost), over 10 years.

The settlement with the state of Florida is another critical step forward in getting life-saving treatments to people suffering from opioid addiction, said Teva.

This settlement agreement is not an admission of any liability or wrongdoing, and the company says it will continue to defend itself in court in states where it has not reached terms of a settlement agreement.

Meantime, the Florida Attorney General on Wednesday announced that her office has reached a total of more than $878 million in settlements with three drugmakers and pharmacy chain CVS to end the state's claims over the opioid epidemic, exiting a trial set to start next week, according to a report by Life Sciences Law360.