Caraco gets tentative OK for Cetirizine |
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Published
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Wed, 30 May 2007 17:48
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DETROIT (AP) - Caraco Pharmaceutical Laboratories Ltd. said Wednesday the Food and Drug Administration granted the company tentative approval to make a generic version of the antihistamine Zyrtec, called Cetirizine.Final approval for the drug is anticipated when Pfizer Inc's patent expires on Dec. 25, Caraco said. In 2006, Pfizer booked about $1.21 billion in Zyrtec sales.Caraco -- which develops generic and private label drugs -- logged $82.8 million in annual sales in 2006.Shares of Caraco rose 15 cents to $14.85 in midday trading, after earlier reaching a new 52-week high of $15.35, surpassing its prior peak of $15.15. Shares of Pfizer fell 25 cents to $27.31.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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