Teva Pharma ADRs Jump 17% On Pending Nationwide Agreement Over Opioid Litigation
26 Juillet 2022 - 11:53PM
Dow Jones News
By Denny Jacob
Teva Pharmaceutical Industries Ltd. American depositary receipts
jumped 17% to $8.31 in after-hours trading Tuesday after the
company said it reached a nationwide agreement in principle to
resolve the majority of its opioid-related litigation.
The generic drugmaker said it will pay up to $4.25 billion,
including already settled cases, and about $100 million for Native
American tribes, over a 13-year period. The company said the figure
includes the supply of up to $1.2 billion of its generic version of
Narcan over 10 years.
The agreement is pending participation by states and
subdivisions, Teva said, as well as an agreement with Allergan PLC
with respect to indemnification obligations and Allergan reaching a
nationwide opioids settlement.
Teva said it expects that it will have documentation for the
agreement, which it says will include no admission of wrongdoing,
finalized within the coming weeks.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
July 26, 2022 17:38 ET (21:38 GMT)
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