Teva Pharmaceuticals has entered a settlement agreement with the Attorney General (AG) of Texas to pay a total of $225m to the US state and its subdivisions for resolving opioid claims.
According to the contract, the company will make a $150m payment to the state for a period of 15 years.
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Furthermore, Teva will also offer Narcan (naloxone hydrochloride nasal spray) for more than ten years, amounting to $75m at wholesale acquisition cost.
Attorney General Paxton said: “This agreement is not only another win for Texas, but a major step in the right direction to help people overcome opioid addiction.
“Pharmaceutical companies must be held accountable for their role in this devastating epidemic. These resources will be used to fund recovery initiatives that will help countless Texans.”
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Launched recently, Narcan is a lifesaving generic that is claimed to reverse the fatal impacts of illegal street drugs and various opioid pain relievers available on prescription.
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By GlobalDataTeva made the first generic version of Narcan available by December last year and also incorporated the medicine in its ongoing pursuit of settlement agreements with various states.
Teva Pharmaceuticals president and CEO Kåre Schultz said: “The Texas Attorney General is taking steps to address the opioid epidemic in the State by negotiating a settlement that includes critical medicines as part of their solution.
“While the settlement includes no admission of wrongdoing by Teva or its affiliates, it remains in the best interest of Teva to put these cases behind us and continue to focus on the patients we serve every day.”
In May 2019, the company agreed to pay $85m to Oklahoma to resolve allegations that the illegal marketing of its pain medication contributed to the opioid epidemic in the US.
