Title
Resolution to Approve the City's Participation in the Settlements of National Prescription Opiate Litigation Against Opioid Manufacturers Alovgen, Amneal, Hikman, Indivior, Mylan, Sun and Zydus, and Against Purdue Pharma and its Owners the Sackler Family
Memorandum
The purpose of this Resolution is to approve the City's participation in two settlement agreements in the national prescription opioid litigation against: 1) opioid manufacturers Alovgen, Amneal, Hikman, Indivior, Mylan, Sun and Zydus, and 2) Purdue Pharma and its owners the Sackler Family. The resolution authorizes the City Administrator, or his designee, to execute the settlement documents necessary to participate in these two settlements.
Proposed nationwide settlement agreements ("Settlements") have been reached that would resolve the legal claims of states and local political subdivisions against eight opioids manufacturers: Alovgen, Amneal, Hikman, Indivior, Mylan, Sun and Zydus ("Manufacturers") and against Purdue Pharma and its owners the Sackler family (Purdue).
The Settlements require the settling Manufacturers to pay hundreds of millions of dollars to abate the opioid epidemic. The Settlements will provide a maximum of approximately $720 million in cash to participating states and subdivisions to remediate and abate the impacts of the opioid crisis. Depending on participation by states and subdivisions, the Settlements against the Manufacturers require:
? Alvogen to immediately pay up to approximately $19 million;
? Amneal to pay up to approximately $74 million over 10 years, and to provide either approximately $177 million of its generic version of the drug Narcan or up to an additional approximately $44 million in cash;
? Apotex to immediately pay up to approximately $65 million;
? Hikma to immediately pay up to approximately $98 million, and to provide either approximately $35 million of its naloxone product or up to an additional approximately $7 million in cash;
? Indivior t...
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