Ivax Says It Has Approval to Sell Generic Glucophage

Generic drugmaker Ivax(IVX Quote) said Friday that it has received conditional approval from U.S. drug regulators to sell a generic version of the diabetes drug Glucophage.

But it might take an act of Congress, not just the Food and Drug Administration, to give the Miami-based drugmaker final clearance to actually sell the drug. That's because Bristol-Myers Squibb (BMY Quote) is doing everything it can to retain exclusive U.S. rights to Glucophage -- one of its top moneymakers, with 2000 sales of almost $1.8 billion.

Shares of Ivax were up $1.24, or 6%, to $20.94 in Friday trading. The company says final approval will come from the FDA once issues involving use of Glucophage in children are resolved. ...