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Health

J&J commits to finish sale of opioids nationwide in $230 million New York settlement

New York State Attorney General Letitia James speaks during a press conference to announce criminal justice reform on May 21, 2021 in New York City, United States.

Brendan McDermid | Reuters

Johnson & Johnson has reached a $ 230 million settlement with New York State that prevents the company from promoting opioids and has confirmed that sales of such products have ceased in the United States.

New York Attorney General Letitia James’s office said in a statement Saturday the agreement prohibits J&J from promoting opioids by any means and prohibits lobbying for such products at the federal, state or local levels.

Johnson & Johnson has not marketed any opioids in the US since 2015 and completely ceased business in 2020.

As part of the settlement, the company will settle opioid-related claims and spread payments over nine years. It could also pay $ 30 million more in the first year if the state executive board signs a new law creating an opioid settlement fund, according to the press release from James’ office.

The settlement follows years of lawsuits filed by states, cities, and counties against large pharmaceutical companies over the opioid crisis that killed nearly 500,000 people in the United States over the past few decades.

Governments have argued that companies have prescribed the medication too often, causing people to become addicted and abuse other illegal forms of opioids, while companies have stated that they have distributed the required amount of the product to people with medical problems help.

“The opioid epidemic has wreaked havoc in countless communities in New York state and the rest of the nation, and millions are still addicted to dangerous and deadly opioids,” James said in a statement.

“Johnson & Johnson helped start that fire, but today they are pledging to leave the opioid business – not just in New York but across the country,” she said. “J&J no longer makes or sells opioids in the United States.”

The New York opioid lawsuit against the rest of the defendants will begin this week, according to the announcement. Other defendants in the New York lawsuit include Purdue Pharma; Mallinckrodt LLC; Endo health solutions; Teva Pharmaceuticals USA; and Allergan Finance LLC.

In a statement on Saturday, Johnson & Johnson said the settlement was “not an admission of liability or wrongdoing by the company” and “in line with the terms of the previously announced $ 5 billion settlement agreement in principle for opioid settlement “. and claims from states, cities, counties, and tribal governments. “

The company also said it will continue to defend itself against lawsuits that the definitive deal won’t resolve.

James said the state will focus on funding opioid prevention, treatment and education efforts to “prevent any future devastation”.

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World News

Verizon commits greater than $45 billion to 5G spectrum bid

On Wednesday, the Federal Communications Commission announced the winners of an 81 billion dollar auction for the license to use essential radio waves ideal for 5G.

The big winners were Verizon and AT&T. They need these radio waves to build 5G networks, which are significantly faster than current wireless service.

Verizon offered nearly $ 45.5 billion for the radio waves through its Cellco Partnership subsidiary. AT&T offered $ 23.4 billion through AT&T Spectrum Frontiers. The third largest US airline, T-Mobile, offered the third largest amount of money at $ 9.3 billion.

The amounts spent by the companies last summer were well above expectations for the auction, which shows the importance of securing the licenses for the radio waves for the airlines.

“These record breaking results underscore the demand and critical need for more licensed mid-band spectrum and demonstrate the importance of developing a robust spectrum auction pipeline,” said Meredith Baker, CTIA CEO, in a statement. CTIA is a trading group that represents the wireless communications industry. The bidders are still in a quiet phase in which they are not allowed to make public comments.

The spectrum of 280 megahertz to be won in this auction is the mid-band spectrum, sometimes referred to as the “goldilocks band”. This means that it works well on 5G networks, combining the ability to transmit large amounts of data at a wavelength that can span long distances.

The results correspond to the previous expectations of the industry. Verizon and AT&T should be the biggest bidders because they didn’t have much mid-band spectrum. T-Mobile had already acquired Mittelband through the merger with Sprint.

Not the entire spectrum was sold at once. The 280 MHz spectrum has been broken down into smaller 20 MHz blocks and further divided into 406 geographic regions. A total of 5,684 licenses could be won.

Overall, the three largest US airlines won 90% of the licenses up for auction.

Here are the top five bidders according to the FCC:

  • Cellco partnership: $ 45,454,843,197
  • AT&T Spectrum Frontiers LLC: $ 23,406,860,839
  • T-Mobile License LLC: $ 9,336,125,147
  • United States Cellular Corporation : $ 1,282,641,542
  • NewLevel II, LP: $ 1,277,395,688

The five best bidders based on the number of licenses granted were:

  • Cellco partnership: 3.511
  • AT&T Spectrum Frontiers LLC: 1.621
  • United States Cellular Corp..: 254
  • T-Mobile License LLC: 142
  • Canopy Spectrum, LLC: 84

US Cellular is the fourth largest US airline. NewLevel II represents the private equity firm Grain Management, while Canopy Spectrum is a company between former Wells Fargo analyst Jennifer Fritzsche and investor Edward Moise Jr., according to LightReading.