Indivior reaches settlement in litigation with US states
By Josh White
Date: Monday 05 Jun 2023
(Sharecast News) - Addiction treatment-focussed pharmaceuticals company Indivior announced on Monday that its subsidiary Indivior Inc has successfully reached an agreement to resolve the claims brought against it by the attorneys general of 41 US states and the District of Columbia.
The claims were part of the suboxone antitrust multidistrict litigation (MDL).
It said the agreement, once entered by the United States District Court for the Eastern District of Pennsylvania, would mark a comprehensive resolution of the states' claims against the company in the MDL.
Under the deal, Indivior Inc agreed to pay $102.5m to the claimants, aligning with its initial provision of $290m set aside for the overall MDL.
The payment was expected to be made in June, and would be funded from the company's existing cash reserves.
Additionally, the claimants had agreed to release all claims related to the MDL, and in return, Indivior said it had committed to specific notification provisions and restrictions similar to those outlined in the 10-year stipulated order entered into with the Federal Trade Commission (FTC) in November 2020.
Those provisions and restrictions would run concurrently with the FTC stipulated order.
"Indivior is focused on helping those who suffer from substance use disorders," said chief executive officer Mark Crossley.
"We take our role as a responsible steward of medications for addiction and rescue extremely seriously.
"Resolving these legacy matters at the right value allows us to further this mission for patients,."
At 0855 BST, shares in Indivior were up 9.8% at 1,619.59p.
Reporting by Josh White for Sharecast.com.
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