Israeli drugmaker Teva Pharmaceutical Industries Ltd said there was sufficient participation from US states and local authorities to move forward with the nationwide settlement agreement to resolve opioid-related claims and lawsuits.
Teva said on Monday it has already settled with or confirmed the participation of 48 of the 50 states and will continue to seek participation from those that have yet to join. The application process for state subdivisions will now begin, it said.
Teva Pharm expects to pay US opioid settlement in 2023: CEO
The company completed the settlement deal in November to resolve thousands of US lawsuits over the marketing of opioid painkillers and agreed to pay up to $4.25 billion, including a supply of the overdose drug naloxone.
Teva and AbbVie complete $6.6 billion opioid settlements
However, it did not admit any wrongdoing.
The opioid litigation, which began in 2017, has generated more than $40 billion in settlements from drugmakers, distributors and pharmacy chains.
State and local authorities have said they will use the money to fight the opioid crisis.
More than 932,000 people have died of drug overdoses since 1999, according to federal records.
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