Teva, Allergan Settle Opioid Lawsuit With West Virginia

U.S. affiliate of Teva Pharmaceutical Industries Ltd TEVA has reached an agreement with the Attorney General of West Virginia that settles the state's opioid-related claims.
The settlement will provide West Virginia with $75 million over 15 years and $8 million in attorneys' fees and costs incurred during the trial.
Related: West Virginia Says J&J, Teva, AbbVie Caused 'Tsunami' Of Opioid Addiction: Reuters.
Teva will also provide its life-saving medicine, the generic version of Narcan (naloxone hydrochloride nasal spray), valued at $27 million (wholesale acquisition cost), over 10 years.
The lawsuit against Teva and Allergen was filed in 2019 in Boone County Circuit Court.
West Virginia Attorney General Patrick Morrisey stated that the total settlement with Teva and AbbVie Inc ABBV unit Allergan totals $161.53 million.
West Virginia will receive $134.5 million, which will be used "to abate the massive problems caused by the flood of opioids" into the state, Morrisey said in a statement.
West Virginia has now reached ~$297 million in settlements with five companies, Morrisey added.
Also Read: Teva, Allergan Ready To Pay $5B To Settle Lawsuits Related To Opioid Painkillers: Bloomberg.
West Virginia previously reached a $99 million settlement with Johnson & Johnson JNJ
Price Action: TEVA shares are up 5.03% at $8.88 during the market session on the last check Wednesday.