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Allergan To End Around 3,000 Opioid Lawsuits With Over $2B In Settlement: Report

·1 min read
  • AbbVie Inc's (NYSE: ABBV) Allergan unit has agreed to pay more than $2 billion to resolve over 3,000 lawsuits filed by state and local governments over marketing its Kadian opioid painkiller, Bloomberg reported citing people familiar with the matter.

  • The report mentioned that the settlement's complete terms, including the time of the payout and a list of internal Allergan documents to be made public, are still being worked on.

  • The agreement is part of consolidated litigation before a federal judge in Cleveland that has produced several other national settlements, including a $26 billion pact covering drug distributors and Johnson & Johnson (NYSE: JNJ).

  • Yesterday, Teva Pharmaceutical Industries Ltd (NYSE: TEVA) announced that it would pay more than $4 billion to resolve all its opioid liability.

  • Teva said its deal was contingent on Allergan's settling. The companies have an indemnity agreement requiring Allergan to cover legal costs tied to opioid claims before Teva's 2016 buyout of Allergan's generics line.

  • Price Action: ABBV shares traded 0.20% higher at $151.30 during after-hours trading on Wednesday.

  • Photo by Thomas Breher from Pixabay

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