Teva Pharmaceutical and its affiliates announced a settlement agreement with both Cuyahoga and Summit counties of Ohio. The settlement resolves the counties’ claims and removes Teva from the Track 1 opioid litigation.
Under the terms of the settlement, Teva will provide the two counties with the opioid treatment medication buprenorphine naloxone (sublingual tablets), known by the brand name Suboxone®, valued at $25 million (at wholesale acquisition cost) and distributed over three years to help in the care and treatment of people suffering from addiction (to be allocated at each county’s discretion) and a cash payment in the amount of $20 million, to be paid over three years.
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Teva also confirms that there is an agreement in principle with a group of attorneys general from North Carolina, Pennsylvania, Tennessee and Texas, as well as certain defendants, for a global settlement framework. The framework is designed to provide a mechanism by which the company attempts to seek resolution of remaining potential and pending opioid claims. Under this agreement, Teva would donate buprenorphine naloxone (sublingual tablets), in quantities of up to the amount needed to meet the majority of the currently estimated U.S. patient need over the next 10 years, with a value of approximately $23 billion (at wholesale acquisition cost). Buprenorphine naloxone is the primary drug used to treat opioid addiction. The product donation will contribute to the care and treatment of people suffering from addiction and assist impacted communities. Teva would also provide a cash payment of up to $250 million over 10 years.
“The Company is pleased to positively contribute to solving the nationwide opioid epidemic,” according to a statement from the company. “Teva has consistently committed to complying with all laws and regulations regarding its manufacture and sale of opioids. Neither settlement includes an admission of liability.