Teva Pharmaceuticals (NYSE: TEVA) said that it has settled the opioid-related claims with the Attorney General of Rhode Island. The Israel-based pharmaceutical company specializes in generic drugs.
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As per the terms of the settlement, Teva is required to pay $21 million over the next 13 years. Also, the company is supposed to supply about one million of its lifesaving Naloxone hydrochloride nasal spray and 67,000 bottles of Suboxone pills, valued at a combined $78.5 million, over 10 years.
The deal also includes additional expenses from the trial that was set to start on March 16. The company said that despite settling the case, it has not admitted any liability or wrongdoing.
Teva seeks to continue defending itself in court and in states where it is yet to reach a settlement. Moreover, it continues to actively negotiate a national settlement.
The attorney general has also reached a settlement with AbbVie’s (ABBV) Allergan unit regarding its role in the opioid crisis in Rhode Island.
Analysts’ Take
Last month, Barclays analyst Balaji Prasad maintained a Hold rating on Teva with a price target of $11, implying 38.7% upside potential from current levels.
Based on six unanimous Holds, the stock has a Hold consensus rating. The Teva stock price prediction of $10.67 implies 34.6% upside potential from current levels. Shares have lost 33.5% over the past year.
Hedge Fund Trading Activity
TipRanks’ Hedge Fund Trading Activity tool shows that confidence in Teva is currently Very Negative, as the cumulative change in holdings across all seven hedge funds that were active in the last quarter was a decrease of 42.7 million shares.
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