NEW BRUNSWICK, N.J.,
Oct. 1, 2019 /PRNewswire/
-- Johnson & Johnson (NYSE: JNJ) and its Janssen
Pharmaceutical Companies today announced a settlement
agreement with the Ohio counties
of Cuyahoga and Summit that resolves all of the counties'
claims with no admission of liability and removes the Company from
the federal trial scheduled to begin October
21, 2019. As part of the agreement, the Company will make a
combined $10 million settlement
payment to the counties.
The settlement allows the Company to avoid the resource demands
and uncertainty of a trial as it continues to seek meaningful
progress in addressing the nation's opioid crisis. The Company
recognizes the opioid crisis is a complex public health challenge
and is working collaboratively to help communities and people in
need.
Under the terms of the settlement, the Company has also agreed
to reimburse $5 million of the
counties' legal and other expenses incurred in preparation for the
trial. Further, the Company will direct $5.4
million of its charitable contributions to non-profit
organizations in connection with opioid-related programs in these
two counties.
As previously stated, the Company is open to identifying an
appropriate, comprehensive resolution of the overall opioid
litigation. At the same time, the Company remains prepared to
defend its actions. The Company responsibly marketed
DURAGESIC®, NUCYNTA® and NUCYNTA®
ER, which, since launch, have accounted for less than one percent
of total opioid prescriptions in the
United States. The Company sold the the U.S. marketing
rights for NUCYNTA® in 2015 and has not marketed
DURAGESIC® in the U.S. since 2008.
For more information, visit
www.FactsAboutOurPrescriptionOpioids.com.
About DURAGESIC®, NUCYNTA® and NUCYNTA
ER®
For full prescribing information,
instructions for use, and medication guide for
DURAGESIC®, please
visit http://bit.ly/duragesicPI.
For full prescribing information and medication guides for
NUCYNTA® and NUCYNTA® ER, please
visit http://bit.ly/nucyntaPI and http://bit.ly/nucyntaER-PI.
About Johnson & Johnson
At Johnson & Johnson, we believe good health is the foundation
of vibrant lives, thriving communities and forward progress. That's
why for more than 130 years, we have aimed to keep people well at
every age and every stage of life. Today, as the world's largest
and most broadly-based health care company, we are committed to
using our reach and size for good. We strive to improve access and
affordability, create healthier communities, and put a healthy
mind, body and environment within reach of everyone, everywhere. We
are blending our heart, science and ingenuity to profoundly change
the trajectory of health for humanity. Learn more at www.jnj.com.
Follow us at @jnjglobalhealth.
About the Janssen Pharmaceutical Companies
At Janssen, we're creating a future where disease is a thing of the
past. We're the Pharmaceutical Companies of Johnson & Johnson,
working tirelessly to make that future a reality for patients
everywhere by fighting sickness with science, improving access with
ingenuity, and healing hopelessness with heart. We focus on areas
of medicine where we can make the biggest difference:
Cardiovascular & Metabolism, Immunology, Infectious Diseases
& Vaccines, Neuroscience, Oncology, and Pulmonary
Hypertension.
Learn more at www.janssen.com. Follow us at
www.twitter.com/JanssenGlobal. Janssen Pharmaceuticals, Inc. is
part of the Janssen Pharmaceutical Companies of Johnson &
Johnson.
Cautions Concerning Forward-Looking Statements
This press release contains "forward-looking statements" as defined
in the Private Securities Litigation Reform Act of 1995 regarding
the resolution agreement reached in the scheduled October 21, 2019 trial in the Federal
Multidistrict Litigation (MDL) in Cleveland, Ohio, against opioid manufacturers
as well as other litigation in other jurisdictions. The reader is
cautioned not to rely on these forward-looking statements. The
information contained in this press release is for informational
purposes only and should not be construed as a commitment by the
Company to engage in any specific strategy or course of action. Due
to the inherent uncertainty of litigation, the Company cannot
predict the timing, ultimate outcome or financial impact of this
matter, or any other ongoing or future litigation. The
forward-looking statements in this press release are based on
current expectations of future events. If underlying assumptions
prove inaccurate or known or unknown risks or uncertainties
materialize, actual results could vary materially from the
expectations and projections of the Janssen Pharmaceutical
Companies and/or Johnson & Johnson. Risks and uncertainties
include, but are not limited to: significant adverse litigation or
government action, including related to product liability claims;
economic factors, such as interest rate and currency exchange rate
fluctuations; competition, including technological advances, new
products and patents attained by competitors; challenges inherent
in new product research and development, including uncertainty of
clinical success and obtaining regulatory approvals; uncertainty of
commercial success for new and existing products; challenges to
patents; the impact of patent expirations; the ability of the
company to successfully execute strategic plans; the impact of
business combinations and divestitures; manufacturing difficulties
or delays, internally or within the supply chain; product efficacy
or safety concerns resulting in product recalls or regulatory
action; changes to applicable laws and regulations, including tax
laws and global health care reforms; trends toward health care cost
containment; changes in behavior and spending patterns of
purchasers of health care products and services; financial
instability of international economies and legal systems and
sovereign risk; increased scrutiny of the health care industry by
government agencies. A further list and descriptions of these
risks, uncertainties and other factors can be found in Johnson
& Johnson's Annual Report on Form 10-K for the fiscal year
ended December 30, 2018, including in
the sections captioned "Cautionary Note Regarding Forward-Looking
Statements" and "Item 1A. Risk Factors," in the company's most
recently filed Quarterly Report on Form 10-Q and in the company's
subsequent filings with the Securities and Exchange Commission.
Copies of these filings are available online at www.sec.gov,
www.jnj.com or on request from Johnson & Johnson. Any
forward-looking statement made in this release speaks only as of
the date of this release. Neither the Janssen Pharmaceutical
Companies nor Johnson & Johnson undertakes to update any
forward-looking statement as a result of new information or future
events or developments. The Company expressly disclaims all
liability in respect to actions taken or not taken based on any or
all the contents of this press release.
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SOURCE Johnson & Johnson