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Healthcare

BRIEF-Drug Distributors Announce Proposed Opioid Settlement Will Proceed To Next Phase

Sept 4 (Reuters) - Mckesson Corp:

* DISTRIBUTORS ANNOUNCE PROPOSED OPIOID SETTLEMENT WILL PROCEED TO NEXT PHASE

* MCKESSON- UNDER PREVIOUSLY SAID PROPOSED SETTLEMENT DEAL, PROCESS DESIGNED TO RESOLVE OPIOID CLAIMS OF STATE & LOCAL GOVERNMENTAL ENTITIES ENOUGH STATES AGREED TO SETTLE TO PROCEED TO NEXT PHASE

* ALL 5 TERRITORIES AND WASHINGTON DC HAD AFFIRMATIVELY SIGNED ON TO AGREEMENT.

* THIS NEXT PHASE IS NOTICE TO SUBDIVISIONS, AND SUBDIVISION SIGN-ON PERIOD

* MCKESSON- IF CONDITIONS ARE SATISFIED, SETTLEMENT WOULD BECOME EFFECTIVE 60 DAYS AFTER DISTRIBUTORS DETERMINE THAT THERE IS SUFFICIENT PARTICIPATION TO PROCEED

* FINAL PAYMENT AMOUNT WILL DEPEND ON SEVERAL FACTORS, INCLUDING FINAL PARTICIPATION RATE OF STATES AND POLITICAL SUBDIVISIONS

* COMPANIES WILL MAKE THEIR FIRST ANNUAL SETTLEMENT PAYMENT INTO ESCROW ON OR BEFORE SEPTEMBER 30, 2021

* PAYMENT WILL BE DISBURSED FOLLOWING EFFECTIVE DATE OR RETURNED TO DISTRIBUTORS IF SETTLEMENT DOES NOT BECOME EFFECTIVE Source text for Eikon: Further company coverage:

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