NY AG approves $17.3 billion opioid settlement with CVS, Walgreens, Teva and AbbVie’s Allergan

New York Attorney General Letitia James announced Friday the final approval of $17.3 billion in national settlement agreements with drug-store chains CVS Health Corp.
CVS,
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and Walgreens Boots Alliance Inc.
WBA,
-1.13%,
and with drug makers Teva Pharmaceutical Industries Ltd.
TEVA,
-0.95%
and AbbVie Inc.’s
ABBV,
+0.65%
Allergan. The agreements include more than $1 billion for the state of New York. The agreements finalize previous agreements reached with the companies, including $523 million from Teva and more than $548 million from CVS and Walgreens. The agreements will become effective in the coming weeks. “These funds will help with opioid abatement, education, and treatment efforts in our communities,” AG James said. Shares of CVS fell 0.2% in morning trading, Walgreens’ stock lost 1.1%, Teva shares eased 0.3% and AbbVie’s stock edged up 0.4%. AbbVie’s acquisition of Allergan had closed in May 2020.