Barr Can Sell Generic Pravachol

The FDA approves its version in three strengths.
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Generic drugmaker

Barr Pharmaceuticals


received regulatory approval for its version of

Bristol-Myers Squibb's

(BMY) - Get Report

cholesterol-lowering drug Pravachol.

The Food and Drug Administration approved the generic, known as pravastatin, at three dosage levels, 10, 20 and 40 milligrams. The agency also gave Barr tentative approval of an 80-milligram pill, which the company plans to roll out after a competitor's 180-day exclusivity period ends, pending final approval by the FDA.

Pravachol lost U.S. patent protection earlier this year. Other companies, including the world's biggest generic maker, Israel's


(TEVA) - Get Report

, have already received the go-ahead to sell their own versions of the drug.

Pravastatin is a treatment intended to prevent heart problems in individuals with high cholesterol who show no indication of coronary heart disease, as well as a secondary preventative measure for patients who do have clinically evident heart disease.

Shares of Barr rose 1.6% to $50.85 Tuesday.