Teva Pharmaceutical Industries Ltd (NYSE:TEVA) has reached a settlement worth $225 million to resolve claims the Company fueled an opioid epidemic in Texas.
- Texas Attorney General Ken Paxton said Teva agreed to pay $150 million over 15 years and provide $75 million worth of generic Narcan, a medication used to counter the effects of opioid overdoses.
- Teva did not admit wrongdoing as part of Monday's settlement.
- The Company will continue to defend itself in court in states where we have not reached a settlement agreement.
- A California judge in November concluded Teva and three other drugmakers could not be held responsible for causing the epidemic in several large counties in that state.
- Price Action: TEVA shares are up 0.65% at $8.57 during the market session on the last check Monday.
