Teva Gains on Drug OK - TheStreet

Teva Pharmaceutical

(TEVA) - Get Report

shares gained Monday after the company said the Food and Drug Administration granted tentative approval for its antipsychotic drug.

Final approval for Teva's Olanzapine tablets, which are the AB-rated equivalent of

Eli Lilly's

(LLY) - Get Report

Zyprexa, is subject to the resolution of patent litigation and the expiration of any applicable exclusivity period enjoyed by another company seeking permission to market a generic version.

Zyprexa is Lilly's top-selling drug with annual sales of more than $4 billion.

The tentative approval applies to tablets of various dosages -- 2.5 mg, 5 mg, 7.5 mg, 10 mg, 15 mg and 20 mg.

Teva shares rose 49 cents, or 1.6%, to $30.96.