ABBV

AbbVie Inc.

151.66
USD
-1.39%
151.66
USD
-1.39%
105.56 175.91
52 weeks
52 weeks

Mkt Cap 271.79B

Shares Out 1.77B

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Teva, Allergan reach $161.5 million opioid settlement with West Virginia

May 25 (Reuters) - Teva Pharmaceutical Industries TEVA.TA and AbbVie's ABBV.N Allergan unit reached a settlement worth $161.5 million to resolve claims the companies fueled an opioid epidemic in West Virginia, state attorney general Patrick Morrisey said Wednesday. The agreement is the largest state-negotiated settlement in West Virginia history, and consists of $134 million in cash plus the contribution of drugs used to treat opioid overdoses, Morrisey said. "This is a great day for West Virginia," Morrisey said at a press conference. The settlement ended a trial that had been proceeding for two months in Kanawha County Circuit Court. The companies did not admit wrongdoing in making the settlement. Teva will pay $83 million in cash, as well as a 10-year supply of Narcan, a drug used to stop opioid overdoses, which the state valued at $27 million. (Reporting by Dietrich Knauth; Editing by Chizu Nomiyama) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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