Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Mylan surges as its generic of Teva's Copaxone gets FDA nod

Published 10/04/2017, 06:49 AM
Updated 10/04/2017, 07:00 AM
© Reuters. A file photo showing the EpiPen auto-injection epinephrine pens manufactured by Mylan NV pharmaceutical company are seen in Washington
US500
-
TEVA
-
VTRS
-

(Reuters) - Shares of Mylan (NASDAQ:MYL) NV jumped about 17 percent in premarket trading on Wednesday after the U.S. Food and Drug Administration approved the drugmaker's copycat version of Teva Pharmaceutical Industries (NYSE:TEVA) Ltd's blockbuster multiple sclerosis drug.

U.S. listed shares of Israel-based Teva were down 9.7 percent at $17 premarket on Wednesday.

Mylan's shares were trading at $38 and was top gainer among S&P 500 components trading before the opening bell.

The drug, Copaxone, generated sales of $1.02 billion in the second-quarter of this year, according to Teva's latest financial report.

© Reuters. A file photo showing the EpiPen auto-injection epinephrine pens manufactured by Mylan NV pharmaceutical company are seen in Washington

The FDA on Monday said it would introduce a slew of measures to speed up bringing to market generic versions of complex drugs in an attempt to address the rising cost of pharmaceuticals in the United States.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.