Here's Why Teva Pharmaceuticals Gained 18.5% in October
Shares of Teva Pharmaceuticals (NYSE: TEVA) rose over 18% last month, according to data provided by S&P Global Market Intelligence. The generic drug specialist reached a settlement with two Ohio counties related to its role in the opioid crisis, which averted the need to progress the case to a federal trial. The company agreed to pay $20 million in cash and donate $25 million in Suboxone, a drug used to treat opioid addiction. The cash payment was significantly lower than the amount several Wall Street analysts were expecting.
Investors breathed another sigh of relief when it was reported that the same formula used to determine the settlement payouts in Ohio could be applied to a global settlement, or one that would end all outstanding lawsuits across the United States. For its part, Teva Pharmaceuticals has offered to pay $250 million in cash and donate $23 billion in generic Suboxone over a decade.
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Source Fool.com
