Teva, AbbVie ink opioid settlements worth nearly $330M with Florida

Teva has been busy lately striking deals with U.S. states to resolve opioid claims. Now, the generics giant and another major pharma company—AbbVie—are ponying up to settle cases in Florida.

The Israel-based drugmaker and AbbVie's Allergan unit agreed to pay around $329 million to resolve the state's opioid litigation, Florida Attorney General Ashley Moody said Wednesday. Elsewhere in the healthcare industry, the state has settled for $440 million with distribution and pharmacy giant CVS. 

Under the deals with the pharmaceutical companies, Teva will pay about $195 million over 15 years—plus provide $84 million worth of its overdose reversal generic—to resolve the state's claims that it contributed to the opioid epidemic. 

AbbVie's Allergan unit is set to pay more than $134 million.

Also Wednesday, Florida finalized its previously announced $65 million settlement with Endo. Most of the money in the deals will go toward easing the opioid epidemic in the state.

For Florida, the deals follow its participation in a nationwide settlement with distribution giants McKesson and Cardinal Health plus pharma company Johnson & Johnson. Now, Walgreens is the lone opioid defendant in the state.

As for Teva, the company has been working toward a potential national opioid settlement, but, so far, that has been elusive.

In the meantime, the company last week settled with Rhode Island for $21 million and last month settled with Texas for $150 million. In both deals, Teva will provide certain generic drugs to the states on top of the cash payments, which span many years.