The Dublin-based pharmaceutical producer said in a statement Friday its U.S. subsidiaries have reached a settlement with plaintiffs scheduled for trial in October. As part of the agreement, Allergan will pay $1.9 million to Summit County, Ohio, and $3.1 million to Cuyahoga County, Ohio.
The settlement resolves all claims against Allergan in connection with the upcoming October Cleveland trial.
"The company believes that settling with these plaintiffs is in its interest in light of anticipated time and defense costs for this first multi-defendant bellwether trial in the federal multidistrict litigation," Allergan said in the statement.
Allergan added it doesn't have liability for generic drug-related claims, noting its generic-drug assets were sold to Teva Pharmaceutical in 2016.
Today, Allergan announced Q2 2019 financial results. Read more here: https://t.co/ZdfkOUd8yW— Allergan plc (@Allergan) August 6, 2019
Johnson & Johnson (JNJ - Get Report) on Monday was ordered to pay $572 million in a separate opioid-related case in Oklahoma. The judgment was less than expected but still sent a strong signal about drugmakers' liability in the opioid epidemic.
Earlier this month, Allergan posted stronger-than-expected second-quarter earnings and boosted its full-year sales guidance, after it agreed to a $63 billion takeover from biopharmaceutical group AbbVie (ABBV - Get Report) in late June.
Shares of Allergan were little changed at $159.62 on Friday after ending the day Thursday down 0.2% at $159.66 on the New York Stock Exchange. The company's shares have gained nearly 20% this year.
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