DOW JONES NEWSWIRES
Teva Pharmaceutical Industries Ltd. (TEVA, TEVA.TV) said it won
approval from the U.S. Food and Drug Administration to commercially
launch a generic version of AstraZeneca PLC's (AZN, AZN.LN)
breast-cancer drug Arimidex.
According to the generic-drug giant, AstraZeneca's brand product
had annual sales of about $916.8 million in the U.S., based on IMS
sales data.
Patents on some of AstraZeneca's biggest drugs are set to expire
in the next few years, which is forcing the company to scramble to
come up with replacements. In January, the company said it would
trim about 16% of its work force, as it said it is facing a tough
2010. Arimidex and Pulmicort for asthma are expected to lose sales
as they face competition from low-cost generic copies.
AstraZeneca had received a six-month extension for its
exclusivity patent for Arimidex, which had been due to expire in
December, to allow the manufacturer time to investigate the
potential benefits of the treatment in pediatric conditions that
manifest symptoms resulting from increased estrogen production. At
the time, AstraZeneca said it wouldn't seek an indication in those
benefits based on trial results.
Teva's American depositary shares fell 1.3% to $51.57 in recent
trading, while AstraZeneca's ADSs were down 5 cents to $44.84.
-By John Kell, Dow Jones Newswires; 212-416-2480;
john.kell@dowjones.com