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
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.