Generic HIV Drug From Mylan's Matrix OK'd

Updated from 11:47 a.m. EST Shares of Mylan (MYL Quote) were on the rise Tuesday morning after the drugmaker said it had started selling a generic version of Bristol-Myers Squibb's (BMY Quote) HIV drug Zerit.

Matrix Laboratories, an Indian company owned in large part by Mylan, received final approval Monday from the Food and Drug Administration for stavudine capsules in 15, 20, 30 and 40 mg doses, Mylan said.

The product was shipped immediately under the Mylan Pharmaceutical Inc. label, Mylan said.

Mylan shares ended Tuesday's trading session up 17 cents, or 1.8%, to $9.68.

Bristol-Myer's Zerit had annual U.S. sales of approximately $54 million for the 12 months ending Sept. 30 for the strengths noted above, Mylan said.

Mylan's competitors in the generic-drug sector include Teva Pharmaceuticals (TEVA Quote) and Watson Pharmaceuticals (WPI Quote).

Other companies that make generic drugs used to treat HIV include Barr Laboratories, Aurobindo Pharma, Cipla, Ranbaxy Laboratories and Roxane Laboratories.