West Chester’s Teva Sees Stock Surge After Announcing Nationwide Settlement Agreement

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pharmacist showing man medication options
Image via Teva Pharmaceutical Industries.

Teva Pharmaceutical Industries, an Israel-based company with operations in West Chester, saw its stock surge after announcing it has reached a tentative nationwide settlement agreement to resolve its ongoing opioid litigation cases, writes John George for the Philadelphia Business Journal

According to the proposed agreement that was negotiated with the working group of state attorneys general and plaintiffs’ lawyers who represent states and subdivisions, the company will pay up to $4.25 billion over 13 years. This amount includes payments in cases that Teva already settled. 

The pharmaceutical company also reached an agreement to pay Native American tribes about $100 million over the same period. 

Up to $1.2 billion of Teva’s generic version of Narcan is also included in the national settlement figure. 

Under the terms of the agreement, Teva admitted to no wrongdoing. 

“It remains in our best interest to put these cases behind us and continue to focus on the patients we serve every day,” said the company in a statement. 

Following the Wednesday announcement, the company’s stock rose by 20 percent, to $8.60 per share from $7.12 the previous day. It closed at $9.14 per share, a 28 percent increase. 

Read more about Teva in the Philadelphia Business Journal

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