Teva settles with Rhode Island on opioid-related claims

The Rhode Island attorney general on Monday announced a settlement with Israeli generics giant Teva Pharmaceutical Industries (NYSE: TEVA) and several of its affiliates worth about $100 million, including $28.5 million in cash in addition to drug donations to treat opioid addiction, that was reached ahead of opening arguments in the state's trial over the company's alleged role in the opioid crisis.

In a statement from the company, Teva said will pay Rhode Island $21 million over 13-years and will provide its recently launched, lifesaving medicine generic Narcan (naloxone hydrochloride nasal spray) and a significant amount of buprenorphine naloxone (sublingual tablets) known by the brand name Suboxone, valued at a combined $78.5 million (wholesale acquisition cost) over 10 years.

The settlement structure is consistent with previously announced settlements and includes a significant component of life-saving medicines – ample supply to meet or exceed the current need in the state of Rhode Island for the next 10 years – while including additional expenses from the trial that was set to start on March 16, 2022. The company continues to actively negotiate a national settlement.