CVS Health Corp. will pay $484 million to settle opioid-related claims by the state of Florida, the first time the pharmacy chain has agreed to payments to resolve a government lawsuit tied to opioid prescription abuse.
CVS was one of several defendants in a trial that was scheduled to begin in April. Drugmaker Teva Pharmaceutical Industries Ltd. also said Wednesday that it reached a settlement in which it will pay $177 million to Florida over 15 years and provide generic Narcan, or naloxone hydrochloride nasal spray, valued at $84 million over 10 years.
CVS said the settlement, which will be paid over 18 years, includes no admission of wrongdoing and that it would continue to defend against other lawsuits relating to opioids.
Teva said its settlement isn’t an admission of liability or wrongdoing. The company said it would continue to defend itself in court in states where it hasn’t reached an agreement.