Copaxone competitor expecting FDA approval

Novartis oral multiple sclerosis treatment Gilenia is expected to receive FDA approval.

Teva Pharmaceutical Industries Ltd.'s (Nasdaq:TEVA; TASE:TEVA) share has been traded in recent days in the shadow of important developments.

One third of Teva's profits derives from its flagship product Copaxone for the treatment of multiple sclerosis (MS). Copaxone is soon expected to face competition from Novartis's oral MS treatment Gilenia, which is expected to receive approval today from the US Food and Drug Administration (FDA).

Teva is itself in the advanced stages of developing Laquinimod, an oral MS treatment, and yesterday the new drug reported positive results on a 36-week clinical trial on MS patients.

Teva will also be effected by an FDA hearing today regarding planned biogeneric legislation in the US. Teva sees biogenerics as its future engine of growth.

Teva's share price rose 1.8% on the TASE today to NIS 205. On Nasdaq this morning, the share price was up 1.4% to $55.33, giving a market cap of $49.65 billion.

Published by Globes, Israel business news - - on September 21, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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