Texas to Receive $276 million Under Proposed Deal
An agreement in principle has been reached with CVS Pharmacy for its role in the nationwide opioid epidemic. Under the $5.034 billion multistate settlement, more than $276 million will be designated for Texas. The agreement will largely track the terms of the Global Prescription Opioid Litigation Settlement Agreement with opioid distributors that was executed in July 2021, according to Texas Attorney General’s Office.
“Millions of Americans have died or are sick due to the opioid epidemic. While significant work remains, a broad coalition of states reached certain terms with CVS, and we are hopeful that we will be able to reach a final agreement on all terms,” Texas Attorney General Paxton said. “Pharmaceutical companies that have been at the root of the problem must be involved in not only changing their business practices to keep this tragic epidemic from taking more lives in the future, but also by providing treatment for those currently still struggling with opioid addiction.”
This agreement is the latest opioid settlement negotiated for Texas. With the addition of the CVS funds, General Paxton will have secured over $2.37 billion for Texas from Allergan, Mallinckrodt, Teva, Endo, Johnson & Johnson, and McKinsey & Company distributors.
Texas’ AG worked closely on these negotiations with the Attorneys General of California, Colorado, Connecticut, Delaware, Georgia, Louisiana, Massachusetts, New York, North Carolina, Ohio, Pennsylvania, and Tennessee, the news release from Paxton’s office stated.