The Israeli pharmaceutical company lost almost 10% on Wall Street after Purdue agreed to pay $ 12 billion to settle opioid claims.
Share price of Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) fell 9.57% yesterday on Wall Street to $ 6.71, which represents a market capitalization of $ 7.2 billion, after NBC reported that Purdue Pharma and the Sackler family are in the US Talks were to pay up to $ 12 billion to settle 2,000 litigations over Opioide.
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Teva Strengthened by Lower Than Expected J & J Opioid Fine
The problem of abuse of the pain killers causes Teva's share an enormous volatility. After a court in Oklahoma ruled that J & J should pay a fine of $ 572 million, far less than expected to downplay the search risk of opioid painkillers, Teva's share price rose 5.25 % The share price rose another 4.45% yesterday.
Pre-IPO earnings, however, were soon dashed as investors revised their views on the Oklahoma ruling, which should not be so bad for high-yielding J & J, but would be at a level where Teva's debt burden ( Teva has already reached an out-of-court settlement in Oklahoma amounting to $ 85 million) in future cases. Then came the report on the Purdue settlement talks, which further burdened Teva.
Published by Globes, Israel Business News – de.globes.co.il – August 28, 2019
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