Rhode Island Announces $107M Opioid Settlements With Teva, Allergan: Reuters

Rhode Island's attorney general announced settlements worth $107 million against Teva Pharmaceutical Industries Ltd (NYSE: TEVA) and AbbVie Inc's (NYSE: ABBV) Allergan unit to resolve claims over their roles in the opioid epidemic.

According to the Reuters report, the settlements include $28.5 million in cash, plus the delivery of anti-overdose treatments - 1 million Naloxone sprays and 67,000 bottles of Suboxone pills - over 10 years, to Rhode Island.

"While no money will ever be enough to undo the harm suffered by Rhode Islanders throughout the ongoing opioid epidemic, these additional recoveries will further support public health efforts to respond to the challenges," Neronha said.

Related: Teva, Texas Enter $225M Opioid Settlement Agreement.

It said it was still "actively" negotiating a national settlement. Last month, Teva Chief Executive Kåre Schultz told Reuters that the company would likely pay $2.7 billion - $3.6 billion in cash and drugs to settle all U.S. state and local government claims.

The parties reached a settlement just as Rhode Island was prepared to take Teva to trial. 

Also See: Johnson & Johnson, Distributors Reach $590M Opioid Settlement For Tribe Claims: Report.

Rhode Island valued Teva's contributed medicines at $78.5 million. The company recently reached a similar $225 million settlement with Texas, including $75 million in contributed drugs.

Price Action: TEVA shares are up 1.58% at $8.06 during the market session on the last check Tuesday.

Photo by Diamond Rehab Thailand via Pixaby