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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
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(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.

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