[Prescription pill bottle image courtesy of Pexels]
Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) and AbbVie unit Allergan Plc (NYSE:ABBV) could pay more than $5 billion in total to settle some 3,500 opioid lawsuits, according to Bloomberg. While the two companies are willing to settle the suits in the consolidated case, the deal has not been finalized.
The consolidated case is titled In Re National Prescription Opioid Litigation, 17-MD-2804, U.S. District Court, Northern District of Ohio (Cleveland).
Teva and Allergan have reportedly been in mediation for more than a year.
In 2016, Teva completed a $40.5 billion acquisition of Allergan’s generic business, including generic opioids.
In 2020, AbbVie acquired Allergan.
Earlier this year, Teva Pharmaceuticals and AbbVie reached a deal with Rhode Island for a total of $28.5 million to settle opioid-related claims.
Teva entered into a similar deal with Ohio in 2019.
In March, Florida Attorney General Ashley Moody reached an opioid settlement with CVS, Teva, Allergan and Endo worth a combined $870 million.