INSIDER
Drug companies settle ahead of opioid crisis trial
Read full article: Drug companies settle ahead of opioid crisis trialCopyright 2019 CNN(CNN) - The "Big Three" U.S. drug distributors and a major drugmaker have reached a $260 million deal to settle a lawsuit ahead of a federal trial over the opioid crisis. Drugmaker Teva is to contribute $20 million in cash and $20 million worth of suboxone, a drug that treats opioid addiction, AP reported. Six drug companies accused in thousands of lawsuits over their role in the nation's opioid epidemic had been slated for a high-profile trial Monday. They included the three pharmaceutical distribution companies, a smaller distributor called Henry Schein Medical, generic drug company Teva Pharmaceuticals and pharmacy chain Walgreens, according to court documents. Failed talks Friday lasted more than 10 hours and took place between the four distribution companies' CEOs, attorneys general from Tennessee, North Carolina, Pennsylvania and Texas, and lawyers representing over 2,000 state, local and Native American tribal governments.
Drug companies fail to reach settlement ahead of opioid crisis trial
Read full article: Drug companies fail to reach settlement ahead of opioid crisis trialCopyright 2019 CNN(CNN) - Six drug companies accused in thousands of lawsuits over their role in the nation's opioid epidemic failed to reach a settlement with governments across the country, setting the stage for a high-profile trial Monday. There were talks earlier this week with five companies settling for potentially settling for $50 billion, according to a source familiar with the negotiations. The companies proposed to pay a combined $18 billion over 18 years. Purdue Pharma previously reached a proposed settlement agreement in the litigation. The New York Times first reported news of a nearly $50 billion settlement.