TEVA - Fifteen states reach agreement with Purdue over bankruptcy plan - NYT

Drew Angerer/Getty Images News Purdue Pharma, the makers of the prescription opioid OxyContin, has reached an agreement with 15 states who will now drop opposition to the company's bankruptcy reorganization plan, The New York Times reports. In exchange, the company will release millions of documents and the Sackler family, owners of Purdue, will pay an additional $50M. Purdue is facing thousands of lawsuits accusing the company of helping to fuel the nation's prescription opioid crisis through its marketing of OxyContin. The agreement can now pave the way for many of these cases to be settled for around $4.5B, according to the newspaper. Late last month, a jury trial began in Long Island, N.Y., that accuses AbbVie ([[ABBV]] -0.7%), Endo International ([[ENDO]] +0.7%), Teva Pharmaceutical ([[TEVA]] -2.5%), as well as pharmaceutical distributors AmerisourceBergen ([[ABC]] -1.2%), Cardinal Health ([[CAH]] -1.4%), and McKesson ([[MCK]] -1.1%) of playing a role in the opioid epidemic.

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Fifteen states reach agreement with Purdue over bankruptcy plan - NYT