Teva in $85 million settlement with Oklahoma state over opioids allegations

US affiliates of Israeli generics giant Teva Pharmaceutical Industries (NYSE: TEVA) have entered into an agreement for a one-time payment of $85 million to the state of Oklahoma, it was announced on Sunday.

The settlement resolves the state’s claims against Teva for its role in fueling the opioid epidemic in the region. Teva’s share price was down 2.55% in Sunday afternoon trading on the TASE at 39.72 shekels.

While the terms of the settlement agreement may take up to two weeks to finalize, the money will go to the state once it’s received, noted state Attorney General Mike Hunter. The funds will then be used to abate the opioid crisis in Oklahoma. A future announcement containing the specific terms of the agreement will be made at a later date.