- Florida has reached more than $878 million in settlements with CVS Health Corp (NYSE: NYSE:CVS) and three drug companies to resolve claims and avert a trial next month over their roles in fueling an opioid epidemic.
- CVS will shell out $484 million, Teva Pharmaceutical Industries Ltd (NYSE: NYSE:TEVA) will pay $194.8 million, Abbvie Inc's (NYSE: ABBV) Allergan (NYSE:AGN) unit will pay $134.2 million, and Endo International Plc (NASDAQ: ENDP) will pay $65 million, Florida's attorney general Ashley Moody said in a statement.
- Most of the money will be spent on opioid abatement. Teva will also provide $84 million of its generic Narcan nasal spray, which can temporarily reverse the effects of opioid overdoses.
- Also See: Rhode Island Announces $107M Opioid Settlements With Teva, Allergan: Reuters.
- The four companies denied wrongdoing in agreeing to settle.
- Moody said pharmacy chain Walgreens Boots Alliance Inc (NASDAQ: NASDAQ:WBA) is the only remaining defendant in Florida's opioid litigation, with jury selection scheduled to begin on April 5.
- Last month, Johnson & Johnson (NYSE: JNJ) and drug distributors reached final settlements worth $26 billion over their roles in the nationwide epidemic.
- Price Action: TEVA shares are up 6.19% at $9.36, and CVS stock is down 2.05% at $102.52 during the market session on the last check Wednesday.
Read at Benzinga