Miller, AGs reach $2.37B agreement with Allergan for opioids settlement
BPC Staff Jul 29, 2022 | 8:11 pm
1 min read time169 wordsAll Latest News, Health & Wellness, Law & Government
Iowa Attorney General Tom Miller and a bipartisan group of AGs announced this morning an agreement in principle to address the opioid crisis, for the second time this week. The proposed settlement on important financial terms would require former opioid maker Allergan to pay up to $2.37 billion to participating states and local governments. If finalized, the Allergan settlement, together with the Teva Pharmaceuticals settlement announced earlier this week, would provide as much as $6.6 billion nationwide for abatement of the crisis. Abbvie, which acquired Allergan in 2020, disclosed the agreement in its earnings announcement today. Both settlements remain contingent on resolution of key issues, including details regarding the settlement structure, which is expected to build on the framework developed in prior nationwide opioid settlements. The parties are also negotiating terms requiring business practice changes and transparency. Miller’s office led the negotiations with Teva and Allergan. Ireland-based Allergan formerly made Norco- and Kadian-branded and generic opioids. The company sold its generics portfolio, including opioid products, to Teva in 2016.