Hikma Announces Agreement in Principle for Nationwide US Opioid Settlement Framework
Hikma has agreed in principle to a nationwide settlement that is designed to resolve its opioid-related claims with U.S. states, local communities and tribal nations • Under the agreement in principle, Hikma would pay up to $115 million in cash and $35 million in donations of naloxone, an opioid antagonist used to reverse the effects of opioid overdose
London, 1 February 2024 – Hikma Pharmaceuticals PLC, along with its wholly owned subsidiary Hikma Pharmaceuticals USA Inc., today announced that it has reached an agreement in principle to resolve the vast majority of the opioid related cases brought against the Company by U.S. states, their subdivisions, and tribal nations. These cases relate to the manufacture and sales of prescription opioid medications. If all conditions are satisfied and depending on the number of states and local governments that elect to opt into the agreement, Hikma agrees to pay up to $115 million in cash and $35 million in donations of Hikma’s naloxone, an opioid antagonist used to reverse the effects of opioid overdose.
This settlement is not an admission of wrongdoing or liability and Hikma will continue to defend against any litigation that this settlement does not resolve.
Commenting, Sam Park, Hikma’s General Counsel, said: “I am pleased that we have been able to reach a settlement framework agreement that works for all parties, while providing clarity to all of our stakeholders in regard to ending these pending matters. This payment and product donation will directly support state and local efforts in addressing the impact of the opioid crisis in their communities.”
This announcement contains inside information. The person responsible for the release of this announcement on behalf of Hikma is Helen Middlemist, Company Secretary.