Mylan NV’s long-awaited US approval for its generic version of rival Teva’s blockbuster multiple sclerosis treatment (MS) Copaxone drove the drugmaker’s shares up more than 19% on Wednesday, October 4, morning and hurt Teva shares.
The approval late on Tuesday, October 2, by the US Food and Drug Administration came earlier than both companies had expected. It was issued a day after the health regulator said it would introduce a slew of measures to speed to market generic versions of complex drugs like Copaxone in an effort to address the rising cost of pharmaceuticals.
Copaxone is the leading MS therapy worldwide as well as Teva’s best selling drug. It generated more than US$4 billion in revenue for the Israeli drugmaker last year.
Full Content: Financial Times
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