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Par Pharmaceutical


said it's partner, Toronto-based Genpharm, received final approval from the U.S. Food and Drug Administration for a generic version of

Bristol-Myers Squibb's

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(BMY) - Get Bristol-Myers Squibb Company Report

Pravachol, a cholesterol drug.

The FDA approved pravastatin at 10 mg, 20 mg and 40 mg dosage levels. Par will begin shipping the product immediately.

Shares of Par were down 14 cents at $20.15.

This story was created through a joint venture between and IRIS.