REG - Hikma Pharmaceutical - Agreement in Principle for US Opioid Settlement

Hikma PharmaceuticalsAnnouncement

01/02/2024 18:30

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RNS Number : 7799B  Hikma Pharmaceuticals Plc  01 February 2024

 

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.

 

 

- ENDS -

Enquiries

Hikma (Investors):

 Susan Ringdal                                             +44 (0)20 7399 2760/ +44 (0)7776 477050

 EVP, Strategic Planning and Global Affairs
 Guy Featherstone                                          +44 (0)20 3892 4389/ +44 (0)7795 896738

 Associate Director, Investor
 Relations
 Layan Kalisse                                             +44 (0)20 7399 2788/ +44 (0)7970 709912

 Senior Associate, Investor Relations

 

 

Teneo (Press):
 

Charles Armitstead
                                      +44
(0)7703 330 269

 

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 (http://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

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