Viatris to pay up to $335 million in opioid settlement, denies wrongdoing
Viatris will spend as much as $335 million to settle opioid-related claims against the Canonsburg-based pharmaceutical company.
The proposed settlement over nine years would come in the form of nine annual payments of between $27.5 million and $40 million to states and local governments that would support opioid-related treatment and other efforts.
'While the company's presence in the U.S. opioids market is very small, the company has agreed to this settlement to provide closure on these matters,' Viatris (Nasdaq: VTRS) said in a statement released Monday. 'This settlement is in no way an admission of wrongdoing or liability.'
Viatris becomes the latest pharmaceutical company to reach a settlement with states, local governments and others over the opioid crisis. There have been about $50 billion in settlements over the past several years, with the most recent being the $7.4 billion announced in January by Purdue Pharma and its owners, the Sackler family. In the Purdue Pharma/Sackler settlement, Pennsylvania will receive $212 million.
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