MCK - British Columbia reaches $150M settlement with Purdue Pharma over opioid damages

British Columbia (B.C.) and Purdue Pharma have reached a $150M settlement over opioid damages in a lawsuit brought by the province on behalf of all Canadian governments.

"The proposed settlement with Purdue Canada has been agreed to by all federal, provincial and territorial governments and totals $150 million in monetary benefits, plus additional benefits including access to information and documents relevant to the lawsuit," the B.C. attorney general and the ministry of mental health and addictions said in a statement on Wednesday.

Several companies including drug distributors McKesson ( MCK ), AmerisourceBergen ( ABC ) and Cardinal Health ( CAH ) have been embroiled in lawsuits with states and governments to resolve allegations that their actions fueled the opioid epidemic, which has caused thousands of deaths over the past two decades.

Oklahoma reached a $250M settlement with the three drug distributors on Tuesday.

"(British Columbia's) efforts to negotiate this unique settlement, together with other Canadian governments paves the way for additional settlements to be reached in the ongoing litigation against other manufacturers and distributors of opioid products,” said BC attorney general David Eby in Wednesday's statement.

Purdue Pharma has been mulling an overall $6B opioid settlement .

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