Teva, AbbVie reach $54M opioid deal with San Francisco
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San Francisco City Attorney David Chiu announced a $54M settlement with Teva Pharmaceutical Industries (NYSE:TEVA) and Allergan unit of AbbVie (ABBV) on Tuesday over the claims that the companies fueled an opioid crisis in the city.

Per the terms, Teva (TEVA) and Allergan have agreed to pay San Francisco $34M in cash payments in total, and deliver $20M worth of the overdose reversal drug, Narcan.
The settlement comes before the closing arguments in a trial that started in April, which will proceed today against the last remaining defendant, pharmacy retailer Walgreens Boots Alliance (WBA).
In an announcement on the settlement, Teva (TEVA) said that San Francisco will receive $24.8M over 13 years and $20M worth of Narcan over 10 years as part of its agreement.
Noting that the deal does not amount to an admission of wrongdoing, the company said it remains on track to form a nationwide settlement on opioid-related claims.