REG - Indivior PLC - Indivior settles Antitrust MDL with End Payors

IndiviorAnnouncement

21/08/2023 07:00

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RNS Number : 8450J  Indivior PLC  21 August 2023

FOR IMMEDIATE RELEASE

Indivior Reaches Agreement with End Payor Class

to Resolve Their Antitrust Multi-District Litigation Claims

 

 

Richmond, VA, August 21, 2023 - Indivior PLC (LSE/Nasdaq: INDV), a leading
addiction treatment company, announced that its subsidiary, Indivior Inc. (the
"Company"), has reached an agreement ("Agreement") to resolve the claims
brought by the end payor class of litigants ("the End Payor Claimants") in the
In re Suboxone Antitrust Litigation multi-district litigation ("MDL"). The
Agreement marks the resolution of the End Payor Claimants' claims against the
Company in the MDL. The Agreement is subject to initial approval by the United
States District Court for the Eastern District of Pennsylvania (the "Court"),
a notice period, participation by an appropriate number of end payors and
final approval of the Court.

 

As part of the Agreement, the Company expects to pay $30 million to the End
Payor Claimants. The settlement amount is in line with the current provision
of $188 million for the MDL. Once the Agreement is approved and entered by the
Court, the final settlement amount will be recorded against the $188 million
provision. Payment into an escrow account for the benefit of the End Payor
Claimants is expected to be made in September of 2023, and funded from the
Company's existing cash balance.

 

"We remain focused on helping those suffering from substance use disorders and
mental illness," said Mark Crossley, Chief Executive Officer. "Resolving these
legacy legal matters at the right value helps us further our mission for
patients and creates greater certainty for our stakeholders."

 

As set out in the Company's half year report on July 27, 2023, the Company
continues to prepare for trial on October 30, 2023, in relation to the
remaining claims of the direct purchaser class while at the same time
exploring the possibility of settlement at the right value with this class.

 

Important Cautionary Note Regarding Forward-Looking Statements

 

This news release contains certain statements that are forward-looking.
Forward-looking statements include, among other things, statements regarding
expected court approval of the settlement, the expected timing of settlement
payments, the ultimate cost to resolve certain legacy litigation matters
including the MDL; and other statements containing the words "believe",
"anticipate", "plan", "expect", "intend", "estimate", "forecast," "strategy,"
"target," "guidance," "outlook," "potential", "project", "priority," "may",
"will", "should", "would", "could", "can", "outlook," "guidance", the
negatives thereof, and variations thereon and similar expressions. By their
nature, forward-looking statements involve risks and uncertainties as they
relate to events or circumstances that may or may not occur in the future.

 

Actual results may differ materially from those expressed or implied in such
statements because they relate to future events. Various factors may cause
differences between Indivior's expectations and actual results, including,
among others, that the Agreement is approved by the Court initially and
finally and that an appropriate number of end payors participate in the
settlement; the material risks described in the most recent Indivior PLC
Annual Report and in subsequent releases; the substantial litigation and
ongoing investigations to which we are or may become a party; our reliance on
third parties to manufacture commercial supplies of most of our products,
conduct our clinical trials and at times to collaborate on products in our
pipeline; our ability to comply with legal and regulatory settlements,
healthcare laws and regulations, requirements imposed by regulatory agencies
and payment and reporting obligations under government pricing programs; risks
related to the manufacture and distribution of our products, some of which are
controlled substances; market acceptance of our products as well as our
ability to commercialize our products and compete with other market
participants; the uncertainties related to the development of new products,
including through acquisitions, and the related regulatory approval process;
our dependence on a small number of significant customers; our ability to
retain key personnel or attract new personnel; our dependence on third-party
payors for the reimbursement of our products and the increasing focus on
pricing and competition in our industry; unintended side effects caused by the
clinical study or commercial use of our products; our use of hazardous
materials in our manufacturing facilities; our import, manufacturing and
distribution of controlled substances; our ability to successfully execute
acquisitions, partnerships, joint ventures, dispositions or other strategic
acquisitions; our ability to protect our intellectual property rights and the
substantial cost of litigation or other proceedings related to intellectual
property rights; the risks related to product liability claims or product
recalls; the significant amount of laws and regulations that we are subject
to, including due to the international nature of our business; macroeconomic
trends and other global developments; the terms of our debt instruments,
changes in our credit ratings and our ability to service our indebtedness and
other obligations as they come due; changes in applicable tax rate or tax
rules, regulations or interpretations; and our ability to realize our deferred
tax assets.

 

Forward-looking statements speak only as of the date that they are made and
should be regarded solely as our current plans, estimates and beliefs. Except
as required by law, we do not undertake and specifically decline any
obligation to update, republish or revise forward-looking statements to
reflect future events or circumstances or to reflect the occurrences of
unanticipated events.

 

About Indivior

Indivior is a global pharmaceutical company working to help change patients'
lives by developing medicines to treat addiction and serious mental illnesses.
Our vision is that all patients around the world will have access to
evidence-based treatment for the chronic conditions and co-occurring disorders
of substance use disorder (SUD). Indivior is dedicated to transforming SUD
from a global human crisis to a recognized and treated chronic disease.
Building on its global portfolio of OUD treatments, Indivior has a pipeline of
product candidates designed to both expand on its heritage in this category
and potentially address other chronic conditions and co-occurring disorders of
SUD, including alcohol use disorder and cannabis use disorder. Headquartered
in the United States in Richmond, VA, Indivior employs more than 1,000
individuals globally and its portfolio of products is available in 39
countries worldwide. Visit www.indivior.com to learn more. Connect with
Indivior on LinkedIn by visiting www.linkedin.com/company/indivior.

 

 

 

Media Contacts:

 

US Media:

Cassie France-Kelly

Vice President, Communications

Indivior PLC

Tel: 804-724-0327

 

UK Media:

Teneo

Tel: +44 207-353-4200

 

Investors and Analysts:

 

Jason Thompson

Vice President, Investor Relations

Indivior PLC

Tel: 804-402-7123

 

Tim Owens

Director, Investor Relations

Indivior PLC

Tel: 804-263-3978

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