Teva Pharmaceutical Industries reached an agreement yesterday with the two bellwether Ohio counties related to opioid litigation for $20M and $25M of generic Suboxone over three years, thereby avoiding a risky trial, Jefferies analyst David Steinberg tells investors in a research note. Next up is whether Teva can reach a global settlement and avoid bankruptcy, adds the analyst. Teva indicates there's an agreement in principle with four states, "which would likely remove this major overhang and provide clarity for investors," according to Steinberg. He calculates an additional accrual of ~$835M based on the proposed terms. If a global settlement of this nature can be formalized, the prospect of a bankruptcy for Teva would arguably be off the table, contends the analyst. Steinberg says the potential global settlement, assuming agreement from other key parties over the next few months, "looks to be balance sheet and cash flow friendly" and seemingly would not significantly add to Teva's upcoming near term debt maturities. He keeps a Hold rating on the shares with an $8 price target. The stock closed Monday at $8.15.