Teva to donate over $15 billion worth of drug in opioid settlement

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Teva to donate over $15 billion worth of drug in opioid settlement

Teva Pharmaceutical Industries Ltd., the Israeli multinational pharmaceutical company based on Petah Tikva, Israel, primarily specialized in Generic drugs, had been in an advanced-stage talk to lay off more than $15 billion worth of drugs as part of a settlement deal aimed at immunizing the company against a basket of lawsuits claiming the drugmaker had allegedly fuelled up a US opioid crisis through mischievous marketing, a source familiar with subject-matter had unveiled on Wednesday, the 16th of October 2019, without elaborating further details.

Aside from that, latest development over a settlement deal for the Israeli Pharmaceutical company with an annual revenue of $18.9 billion as of December 31st, 2018, comes forth over the heels of a flurry of media headlines that major multinational drugmakers such as AmerisourceBergen Corp., Cardinal Health alongside McKesson Corp.

had been in negotiations with the US Governments to settle hundreds of opioid-abuse related lawsuit for a lump-sum of $18 billion. Besides, the pharma companies alongside Teva, all would be defendants at a landmark court proceeding scheduled to begin by October 21st in the federal court of Cleveland, Ohio.

Nonetheless, apart from Teva’s settlement offer, the source had added on condition of anonymity on Wednesday (October 16th) that another defendant facing off a number of lawsuit over marketing malpractice of opioid painkillers by undermining their abuse potential which in effect had spurred a countrywide opioid epidemic, J&J, had agreed to offer a sum of $4 billion to settle the claims.