Purdue Pharma nearing partial settlement of opioid cases

|About: Teva Pharmaceutical In... (TEVA)|By:, SA News Editor

Reuters reports that OxyContin maker Purdue Pharma is close to a partial settlement to resolve many of the outstanding lawsuits related to its role in the U.S. opioid epidemic. It plans to contest certain states opposed to settlement (could be 12 or more) in bankruptcy proceedings as soon as next week.

The Sackler family declined to revise their proposed personal settlement of $3B over seven years plus another $1.5B or more via the sale of Mundipharma. They have proposed a total settlement amount $10B - 12B.

The company is facing more than 2,000 lawsuits in the matter.

Selected tickers: Teva Pharmaceutical Industries (TEVA -0.2%), Johnson & Johnson (JNJ +1%), Endo International (ENDP -4.7%), Mallinckrodt (MNK -15.7%)

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