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(Reuters) — Teva Pharmaceutical Industries expects to finalize an opioid settlement in the United States by year-end and start paying in 2023, its CEO said Sunday, while confirming he was unlikely to renew his contract next year.
After years of negotiations, Israel-based Teva in July proposed a $4.35 billion nationwide settlement — mostly cash and partly medicines that will amount to $300 million to $400 million over 13 years — to resolve its opioid lawsuits.
U.S. states, cities and counties filed more than 3,000 lawsuits against opioid manufacturers, distributors and pharmacies, accusing them of playing down the risks of addiction and failing to stop pills from being diverted for illegal use.
CEO Kare Schultz said Teva was working on legal wording that should be wrapped up by the end of this month. It then needs approval from states and subdivisions within states.
Teva has denied wrongdoing, saying it sold legal medication that was approved for treatment of pain.
Mr. Schultz, who took over as CEO in December 2017, confirmed he was unlikely to extend his contract, which expires on Nov. 1, 2023. But he said he would like to stay on the company's board.