By Denny Jacob
Teva Pharmaceutical Industries Ltd. American depositary receipts jumped 17% to $8.31 in after-hours trading Tuesday after the company said it reached a nationwide agreement in principle to resolve the majority of its opioid-related litigation.
The generic drug maker /zigman2/quotes/205657894/composite TEVA +0.46% said it will pay up to $4.25 billion, including already settled cases, and about $100 million for Native American tribes, over a 13-year period. The company said the figure includes the supply of up to $1.2 billion of its generic version of Narcan over 10 years.
The agreement is pending participation by states and subdivisions, Teva said, as well as an agreement with Allergan PLC with respect to indemnification obligations and Allergan reaching a nationwide opioids settlement.
Teva said it expects that it will have documentation for the agreement, which it says will include no admission of wrongdoing, finalized within the coming weeks.
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