Teva's generic Gemzar gets tentative OK |
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Published
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Tue, 08 May 2007 16:27
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NEW YORK (AP) - Israeli drug maker Teva Pharmaceutical Industries Ltd. said Tuesday it received tentative approval from the Food and Drug Administration to market its generic version of Eli Lilly & Co.'s injectible cancer treatment, Gemzar.Teva is currently in patent litigation concerning this product in the U.S. District Court for the Southern District of Indiana. Eli Lilly sued the company in February 2006 to block Teva from making generic Gemzar. The filing blocked the FDA from granting Teva's petition for 30 months.Gemzar's two patents are set to expire in May 2010 and May 2013. The drug contributed $1.41 billion to Eli Lilly's revenue in 2006, up 6 percent from 2005, according to filings with the Securities and Exchange Commission.Teva said final approval is expected pending a favorable decision in the case or the July 2008 expiration of a mandatory stay of approval, whichever comes first.Teva's American Depositary Shares fell 11 cents to $38.79 in morning trading, while Lilly's shares edged up 2 cents to $59.74.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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