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Drug companies avert landmark opioids trial as talks on $48 billion settlement set to resume


Added 10-21-19 06:10:03pm EST - “Four large drug companies could resume talks on Tuesday to try to reach a $48 bi...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Drug companies avert landmark opioids trial as talks on $48 billion settlement set to resume”. Below is an excerpt from the article.

CLEVELAND (Reuters) - Four large drug companies could resume talks on Tuesday to try to reach a $48 billion settlement of all opioid litigation against them, after agreeing with two Ohio counties to a $260 million deal to avert the first federal trial over their role in the U.S. opioid epidemic.

Drug distributors AmerisourceBergen Corp (ABC.N), Cardinal Health Inc (CAH.N) and McKesson Corp (MCK.N) and drugmaker Teva Pharmaceutical Industries Ltd TEVA agreed to the deal that removed the immediate threat of a trial that was to begin on Monday in Cleveland.

The parties could resume talks as soon as Tuesday aimed at a broader settlement of thousands of opioid lawsuits brought by states and local governments, according to Paul Hanly, an attorney for the towns and counties.

Under Monday’s local settlement, the distributors, which handle around 90% of U.S. prescription drugs, will pay a combined $215 million immediately to Ohio’s Cuyahoga and Summit counties that were plaintiffs in Monday’s trial.

Israel-based Teva said it was paying $20 million in cash and will contribute $25 million worth of Suboxone, an opioid addiction treatment.

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