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Pharma companies settle on US$260 mil deal hours before trial

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Drugmakers in opioids epidemic case reach agreement with 2 Ohio counties ahead of landmark hearing. FMTNews US

CLEVELAND: Three leading American drug distributors and an Israeli drugmaker blamed for a deadly US opioid epidemic settled a bellwether civil lawsuit with two Ohio counties yesterday, just hours before they were to go on trial, a federal judge announced.

“Cuyahoga County has seen thousands of people die over the last several years. It’s a tragedy. Summit County is no different,” said Cuyahoga prosecutor Michael O’Malley. The companies reaped tens of billions of dollars in profits while overdose deaths soared above 400,000 over two decades – more than 70,000 in 2017 alone.

Negotiations for a global deal worth a reported US$48 billion – but only US$18 billion in cash – broke down Friday amid differences between some states and smaller communities over the total value and how the money would be distributed.

 

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