Last checked at 1 Feb 2024 18:22
Hikma Announces Agreement in Principle for Nationwide US Opioid Settlement Framework
· Hikma has agreed in principle to a nationwide settlement that is designed to resolve its opioid-related claims with U.S. states, local communities and tribal nations
· Under the agreement in principle, Hikma would pay up to $115 million in cash and $35 million?in donations of naloxone, an opioid antagonist used to reverse the effects of opioid overdose
London, February 1, 2024: ?Hikma Pharmaceuticals PLC, along with its wholly owned subsidiary?Hikma Pharmaceuticals USA Inc., today announced that it has?reached an agreement in principle to resolve the vast majority of the opioid related cases brought against the Company by U.S. states, their subdivisions, and tribal nations. These cases relate to the manufacture and sales of prescription opioid medications. If all conditions are satisfied and depending on the number of states and local governments that elect to opt into the agreement,?Hikma agrees to pay up to $115 million?in cash and $35 million[1]?in donations of Hikma's naloxone, an opioid antagonist used to reverse the effects of opioid overdose.
This settlement is not an admission of wrongdoing or liability and Hikma will continue to defend against any litigation that this settlement does not resolve.
Commenting, Sam Park, Hikma's General Counsel, said: "I am pleased that we have been able to reach a settlement framework agreement that works for all parties, while providing clarity to all of our stakeholders in regard to ending these pending matters. This payment and product donation will directly support state and local efforts in addressing the impact of the opioid crisis in their communities."
This announcement contains inside information. The person responsible for the release of this announcement on behalf of Hikma is Helen Middlemist, Company Secretary.
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Enquiries
Hikma (Investors):
Susan Ringdal EVP, Strategic Planning and Global Affairs | +44 (0)20 7399 2760/ +44 (0)7776 477050 |
Guy Featherstone Associate Director, Investor Relations | +44 (0)20 3892 4389/ +44 (0)7795 896738 |
Layan Kalisse Senior Associate, Investor Relations | +44 (0)20 7399 2788/ +44 (0)7970 709912 |
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About Hikma
Hikma Pharmaceuticals PLC (LSE: HIK) (NASDAQ Dubai: HIK) (OTC: HKMPY) (LEI:549300BNS685UXH4JI75) (rated BBB-/stable S&P and BBB-/positive Fitch)
Hikma helps put better health within reach every day for millions of people around the world. For more than 46 years, we've been creating high-quality medicines and making them accessible to the people who need them. Headquartered in the UK, we are a global company with a local presence across the North America, the Middle East and North Africa (MENA) and Europe, and we use our unique insight and expertise to transform cutting-edge science into innovative solutions that transform people's lives. We're committed to our customers, and the people they care for, and by thinking creatively and acting practically, we provide them with a broad range of branded and non-branded generic medicines. Together, our 8,850 colleagues are helping to shape a healthier world that enriches all our communities. We are a leading licensing partner, and through our venture capital arm, are helping bring innovative health technologies to people around the world. For more information, please visit: www.hikma.com
©2024 Hikma Pharmaceuticals PLC. All rights reserved.
[1] The settlement amount will be recognised in Hikma's 2023 consolidated income statement as a non-core exceptional item