Teva Pharma Wins and Loses
Sometimes you win, sometimes you lose -- especially when you're a generic drugmaker.
Take
Teva Pharmaceutical
(TEVA) - Get Report
, for example.
The Israeli-based company Wednesday said regulators had given tentative approval to its version of a cancer drug.
Teva said its Octreotide Acetate is the AP-rated generic equivalent of
Novartis
(NVS) - Get Report
Sandostatin. The drug, which is injected, is for the treatment of acromegaly, metastatic carcinoid tumors and vasoactive intestinal peptide tumors.
Teva said final approval by the Food and Drug Administration is subject to the expiration of any applicable exclusivity period granted to a rival company's application.
In another development, Teva said a U.S. District Court indicated that it will issue an order on Thursday granting
Pfizer's
(PFE) - Get Report
motion for a preliminary injunction related to the sale of a generic drug made by Teva's partner Ranbaxy.
Teva is the sole distributor of Ranbaxy's Quinapril HCl tablets, which are the AB-rated generic equivalent of the antihypertensive agent Accupril, developed by Parke Davis, which Pfizer acquired years ago.
Teva and Ranbaxy said they intend to seek an expedited appeal.
Shares of Teva fell 46 cents, or 1.5%, to $30.04. Pfizer added 21 cents, or 0.8%, to $25.85. Novartis closed at $46.71.