NEW YORK (TheStreet) -- Teva Pharmaceutical Industries (TEVA) - Get Report said Tuesday that the Food and Drug Administration approved its generic version of Pfizer's (PFE) - Get Report antidepressant drug Effexor XR.
Effexor XR has annual sales of $2.75 billion in the U.S., Teva said.
Teva said that shipments are expected to begin on July 1 under the terms of a 2006 agreement with Wyeth, which Pfizer acquiredlast year.
Teva has been awarded a 180-day period of marketing exclusivity for the product, the company said in a statement.
Teva had sought approval for its generic drug in 2006, but under a patent settlement with Wyeth, the company agreed to hold off on selling the drug until July 1.
Teva's American depository receipts fell 0.1% to $51.25 in premarket trading Tuesday.
-- Reported by Andrea Tse in New York
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