By Chris Wack


Teva Pharmaceutical Industries Ltd. said its Teva Pharmaceuticals affiliate reached an agreement with the attorney general of West Virginia that settles the state's and its subdivisions opioid-related claims.

The company said the settlement will provide West Virginia with $75 million over 15 years, in addition to $8 million in attorneys' fees and costs incurred during the trial.

Teva said it will also provide its generic version of Narcan naloxone hydrochloride nasal spray, valued at $27 million, over 10 years.

West Virginia Attorney General Patrick Morrisey said Wednesday that the settlement announced was a total of $161.5 million, because it also included Allergan, now owned by AbbVie Inc.

According to the settlement, West Virginia will receive payments totaling more than $134.5 million in cash over the length of the agreement, provided that the state has received sign-ons from its political subdivisions.

The settlement structure is consistent with previously announced settlements. In April, Johnson & Johnson said it would pay $99 million to settle its own West Virginia lawsuit. West Virginia was one of several states that didn't join a nationwide $5 billion opioid settlement that Johnson & Johnson completed in February to resolve state and local government lawsuits against the company.

Teva said the settlement agreement isn't an admission of any liability or wrongdoing, and it continues to actively negotiate a national settlement.


Write to Chris Wack at chris.wack@wsj.com


(END) Dow Jones Newswires

05-25-22 1023ET