Teva Reaches $225 Million Opioid Settlement With Texas
In the biggest deal Teva Pharmaceuticals has struck yet over its alleged role in the opioid epidemic, the company has reached a settlement with Texas Attorney General Ken Paxton to pay the state $150 million over a 15-year period and to provide the $75 million equivalent of a generic version of Narcan (naloxone hydrochloride nasal spray) free of charge over 10 years.
Narcan, a drug that could reverse an opioid overdose, became generic in December 2021. It has become part of Teva’s settlement deal package as the drugmaker negotiates with states on multiple cases.
Teva denied any admission of wrongdoing in the Texas opioid case and said it will continue to defend itself in ongoing legal cases. The company faces more than 3,500 opioid-related lawsuits.