Hunter Shkolnik Comments on Proposed Opioid Settlement

December 5, 2019

Source: Daily Stock Dish

Teva Pharmaceutical Industries Ltd.’s proposed $23 billion drug giveaway to settle thousands of U.S. opioid lawsuits will likely cost the company a fraction of that figure due to how it has valued those medicines, according to a Reuters review of pricing data and industry analysts.

The deal is “overvalued to make the settlement look better,” said Hunter Shkolnik, a lawyer on the plaintiffs executive committee that is managing more than 2,300 federal lawsuits consolidated in the U.S. District Court in Cleveland.

“I don’t believe a no-cash payment from Teva, one of the largest generic manufacturers in the world, is appropriate,” he told Reuters.

Israel-based Teva is looking to reach a nationwide settlement over its role in selling opioid painkillers, together with drugmaker Johnson & Johnson and the three largest U.S. drug distributors, AmerisourceBergen Corp, Cardinal Health Inc and McKesson Corp.

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