The payout will happen over 15 years.
Indiana is providing new funding to help build and support projects in the state to improve mental health and recovery services.
The company reached agreements with all 50 states in a $3.1 billion opioid settlement.
The state received $478 million from a settlement between several states and opioid manufactures and distributors.
As part of the settlement, 30% of the funds are split evenly between local communities and the state with "no strings attached."
U.S. overdose deaths have risen most years for more than two decades.
Kentucky will receive $483 million from the settlements finalized with drugmaker Johnson & Johnson and three major distributors.
The company said it has made 'significant investments' in its law enforcement operation
Data from Kentucky's 2020 Overdose Fatality Report shows 1,964 Kentuckians died in 2020 from a drug overdose.
Attorney General Todd Rokita said the settlement marks a step forward in efforts to end the opioid epidemic and provide justice to families affected by opioid addiction.