Teva, Allergan, CVS, and Walgreens finalize opioid settlement agreements
Colorado to receive $270 million to fight the opioid crisis
June 9, 2023 (DENVER)—Attorney General Phil Weiser today announced the final approval of $17.3 billion in national opioid agreements with drug makers Teva and Allergan and pharmacies CVS and Walgreens.
Following successful state sign-on and subdivision sign-on periods, the companies committed to the deal and will start releasing funds to a national administrator later this summer. Money is expected to start flowing to state and local governments by the end of 2023. Colorado will receive approximately $270 million over 15 years from these recent settlements, which is in addition to the approximately $400 million Colorado has begun receiving from prior opioid settlements.
“Holding the companies that created and fueled the opioid crisis responsible continues to be a top priority for me and my team,” Weiser said. “Just like with previous settlements secured by our department and other attorneys general across the country, this money will go directly towards supporting the people and communities in Colorado who continue to battle the harms of drug addiction and misuse. Colorado’s framework for the investment of these funds, on a local and regional basis, is a national model and was recognized by the Johns Hopkins Public Health School as the top such system in the nation.”
In addition to financial compensation, the settlements will also prohibit Teva from engaging in any opioid marketing and require the company to ensure systems are in place to prevent drug misuse. Additionally, Allergan is required to stop selling opioids for the next 10 years. CVS and Walgreens have agreed to monitor, report, and share data about suspicious activity related to opioid prescriptions. These provisions in the settlement will help ensure a crisis like this does not happen again.
All opioid settlement funds will be distributed according to the Colorado Opioid Settlement Memorandum of Understanding. For more information on previous opioid agreements, visit coag.gov/opioids/
Teva and Allergan negotiations were led by Attorneys General from North Carolina, Iowa, California, Illinois, Maryland, Massachusetts, New York, Pennsylvania, Tennessee, Texas, Vermont, Virginia, and Wisconsin. CVS and Walgreens negotiations were led by Attorneys General from North Carolina, California, Colorado, Connecticut, Delaware, Illinois, Indiana, Iowa, Kentucky, Louisiana, Massachusetts, Nebraska, New York, Ohio, Pennsylvania, Rhode Island, Tennessee, and Texas.