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Teva strikes $225 million opioid settlement with Texas -Breaking

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© Reuters. FILEPHOTO: Teva Pharmaceutical Industry’s logo can be seen in Tel Aviv (Israel), February 19, 2019. REUTERS/Amir Cohen/File photo

Nate Raymond

(Reuters) – Teva Pharmaceutical Industries (NYSE:) Ltd has reached a settlement worth $225 million to resolve claims the drugmaker fueled an opioid epidemic in Texas by improperly marketing addictive pain medications, the state’s attorney general said on Monday.

Texas Attorney General Ken Paxton said Teva agreed to pay $150 million over 15 years and provide $75 million worth of generic Narcan, a medication used to counter the effects of opioid overdoses.

This is the biggest deal Teva has reached in more than 3500 lawsuits against it seeking to hold them and other drug companies liable for the opioid addiction epidemic which led to thousands of deaths from overdoses over the past two decades.

“This agreement is not only another win for Texas, but a major step in the right direction to help people overcome opioid addiction,” Paxton, a Republican, said in a statement.

As part of the settlement, the Israeli drugmaker didn’t admit to wrongdoing.

Kåre Schultz, its chief executive, said in a statement it “remains in the best interest of Teva to put these cases behind us and continue to focus on the patients we serve every day.”

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