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The proposal calls for Teva to pay up to $3.7 billion in cash over 13 years and provide a company estimated $1.2 billion worth of the opioid overdose reversal drug naloxone.
US states, cities and counties filed more than 3,000 lawsuits against opioid manufacturers, distributors and pharmacies, accusing them of downplaying their addiction risk and failing to stop pills from being diverted for illegal use.
Teva has denied wrongdoing, saying it sold legal medication that was approved for treatment of pain.
Teva’s proposed settlement would allow state and local governments to opt for additional cash in lieu of an allotment of the overdose medication, at a value of 20% of the drug’s list price. The cash value of the settlement could reach $4.25 billion if state and local governments opt to receive money in lieu of the drugs.
Israel-based Teva also will pay about $100 million to Native American tribes and pay attorneys fees incurred by the states, local governments and tribes.
The…
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