Teva will market generic Nasacort, which Perrigo will manufacture under license from Sanofi-Aventis.
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) and Perrigo Company (Nasdaq:PRGO; TASE:PRGO) announced that they obtained US Food and Drug Administration (FDA) marketing approval for generic Nasacort (Triamcinolone Acetonide) nasal spray for allergies. Perrigo developed the product and Teva unit Barr Pharmaceuticals was the first to file an Abbreviated New Drug Application (ANDA) with a Paragraph IV certification with the FDA.
Teva will market generic Nasacort, which Perrigo will manufacture under license from Sanofi-Aventis SA (NYSE: SNY; Euronext: SAN) beginning in June 2011. Perrigo will share in the costs and benefits in Teva's marketing of the product.
Brand Nasacort has annual US sales of $305 million, according to Wolters Kluwer data.
Teva's share closed at $53.58 on Nasdaq yesterday, and rose 0.4% in early trading on the TASE today to NIS 202.50. Perrigo's share closed at $28.03 on Nasdaq yesterday, and was unchanged on the TASE at NIS 106.60.
Published by Globes [online], Israel business news - www.globes-online.com - on August 4, 2009
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