AbbVie Finalizes To Pay Around $2.4B In Settlement Against US Opioid Lawsuits

Teva Pharmaceutical Industries Ltd TEVA and AbbVie Inc ABBV have finalized the settlement's terms worth over $6.6 billion to resolve several lawsuits by U.S. state and local governments over the marketing of opioid painkillers.
Under the deals, first announced in July, Teva will pay up to $4.25 billion, including a supply of the overdose drug naloxone.
AbbVie will pay up to $2.37 billion. Reuters reported that the final amounts of settlements would depend on how many state and local governments opt into them.
In a joint statement, attorneys for state and local governments called the deals "significant steps forward in our continued efforts to hold those responsible for the opioid epidemic accountable and obtain the necessary resources to battle its catastrophic effects."
Teva's CEO said the company will finalize the U.S. opioid settlement by the end of 2022 and start paying in 2023.
The litigation over opioids began in 2017 and has yielded more than $40 billion in settlements with drugmakers, distributors, and pharmacy chains.
State and local authorities have said they will use the money to combat the opioid crisis.
Price Action: TEVA shares are up 1.76% at $8.99, and ABBV shares are up 1.41% at $159.33 on the last check Tuesday.
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