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Iowa part of $4.25B opioids settlement with Teva

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Pharmaceuticals company Teva will provide up to $4.25 billion to participating states and local governments, including Iowa, under a preliminary agreement announced Tuesday. Iowa Attorney General Tom Miller called the agreement “another major step” in addressing the opioid crisis. “We expect these funds to make a significant difference in preventing fatal overdoses and treating opioid addiction disorder,” Miller said in a statement. Teva, an Israel-based drug manufacturer, makes Actiq and Fentora, which are branded fentanyl products for cancer pain, and a number of generic opioids including oxycodone. The $4.25 billion will be disbursed in cash over 13 years, and includes amounts Teva has already agreed to pay under settlements with individual states and funds for participating states and local governments. As part of the financial term, Teva will provide up to $1.2 billion in generic naloxone over a 10-year period or $240 million of cash in lieu of product, at each state’s election. Naloxone is used to counteract overdoses. A final settlement remains contingent on agreement on critical business practice changes and transparency requirements, Miller said.