Teva, Walgreens, CVS, AbbVie to pay $17.3B in national opioid settlement
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Teva Pharmaceutical Industries (NYSE:TEVA), Walgreens Boots Alliance (NASDAQ:WBA), CVS Health (NYSE:CVS) and AbbVie's (NYSE:ABBV) Allergan will pay $17.3B as part of a national settlement over their alleged roles in the US opioid crisis.
The New York Attorney General Letitia James confirmed approval of the settlement, which included $1B for the state of New York. She added that state and local governments should start receiving funds from the settlement by the end of the year.
As part of the settlement, Teva will operate under a monitor, refrain from opioid marketing and ensure that systems are in place to prevent misuse of the drugs. CVS and Walgreens have likewise agreed to monitor, report and share data about suspicious opioid-related prescription activity, according to James's office.
According to a release put out by the Connecticut Attorney General's office, Allergan will not be allowed to sell opioids for the next ten years under the settlement.
A final agreement with Walmart (NYSE:WMT) is anticipated in the coming weeks, both AG offices said.
On Thursday, Teva said that it had settled nationwide opioid-related litigation against the company. The settlement included all 50 states and 99% of litigating subdivisions and districts.
More on opioid litigation:
Teva Pharmaceutical settles opioid litigation with all 50 states
Teva Pharmaceutical says 48 states have agreed to its opioid settlement
Walgreens in $230M opioid settlement with San Francisco