RICHMOND, Va. — Virginia Attorney General Jason Miyares announced Tuesday that Teva Pharmaceutical Industries has proposed a $4.25 billion nationwide settlement that could resolve thousands of lawsuits against the opioid maker.
From the settlement, Virginia's portion is estimated to be over $70 million, plus the option to accept Naloxone or additional money as an alternative to the offer of Naloxone.
The settlement money will be split amongst the Commonwealth and Virginia’s localities that join a final settlement, and the majority is expected to go to the Opioid Abatement Fund.
The lawsuits against Teva alleges that the drugmaker has a role in the U.S. opioid epidemic.
“The opioid epidemic affects so many Virginians, in every corner of the Commonwealth," Attorney General Miyares said. "While there is no price that can be put on the lives lost from addiction, there is a lot of work to be done to fight back against the epidemic. These funds will make a significant difference in preventing fatal overdoses and treating opioid addiction disorder.”
According to the CDC, opioids were involved in more than 68,000 deaths in 2020 across the nation, which was 8.5 times the number of opioid-involved overdose deaths in 1999.
The Virginia lawsuit against Teva claims that they promoted potent fentanyl products by non-cancer patients and deceptively marketed opioids by downplaying the risk of addition and overstating their benefits, according to a news release.
In the financial terms of the settlement, Teva will have to pay the maximum settlement amount in cash over 13 years. The company will also provide up to $1.2 billion in generic naloxone over a 10-year period or $240 million in cash in lieu of the product.
The settlement is still undergoing negotiations and the final settlement agreement is contingent on business practice changes and transparency requirements.
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