Teva Pharmaceutical Industries Ltd. announced on Monday it entered into an agreement for a global settlement framework through which it will attempt to seek resolution of potential and pending opioid claims, confirming earlier rumors.
Under the terms of the agreement, the company agreed to donate buprenorphine naloxone, known by the brand name Suboxone, the primary drug used to treat opioid addiction, in the amount estimated to meet the majority of current patient needs over the next 10 years. The medication is valued at approximately $23 billion. In addition, the pharmaceutical giant agreed to pay $250 million over 10 years.
"The company is pleased to positively contribute to solving the nationwide opioid epidemic. Teva has consistently committed to complying with all laws and regulations regarding its manufacture and sale of opioids," the company said in a press release.
Teva's shares surged 15.20% at 14:19 pm ET after the announcement.
