The Washington Post
Abbvie agrees to opioid settlement
Abbvie has agreed to pay up to $2.37 billion to resolve thousands of U.S. lawsuits against its Allergan unit over the marketing of opioid painkillers, state officials announced on Friday.
If finalized, the deal could end more than 3,000 lawsuits by state and local governments around the country. It includes settlements the drugmaker has already reached with states, including $200 million for New York.
“We’ve worked hard to get the best result for Americans harmed by the opioid crisis, and it’s rewarding to take another step in the right direction,” Iowa Attorney General Tom Miller (D), who led negotiations with the company, said in a statement.
Abbvie, which has denied wrongdoing, did not respond to a request for comment.
The deal clears the way for Teva Pharmaceutical to finalize a $4.35 billion settlement of opioid lawsuits it announced this week. Teva bought Allergan’s generic drugs unit in 2016, and its settlement was contingent on Allergan reaching a nationwide deal.
Abbvie cut its forecast for annual net revenue to $58.9 billion from $59.4 billion previously, mainly because of stiff competition and weak demand for its leukemia drug Imbruvica.