The cinnamon flavored nicotine gum is comparable with GlaxoSmithKline's Nicorette Cinnamon Surge coated gum.
Perrigo Company (Nasdaq:PRGO; TASE:PRGO) has obtained US Food and Drug Administration (FDA) approval for its over-the-counter cinnamon flavored nicotine gum, which is comparable with GlaxoSmithKline plc's (NYSE; LSE: GSK) Nicorette Cinnamon Surge coated gum, which has $40 million in annual US sales.
Perrigo will market its nicotine gum under store brand labels.
Perrigo chairman and CEO Joseph Papa said, “This approval of coated cinnamon nicotine gum extends our leading store brand position. The expanded range of smoking cessation products also includes coated mint-flavored gum, coated fruit wave, uncoated gum and lozenges."
Perrigo's share price fell 0.7% on Nasdaq on Friday to $93.68, giving a market cap of $8.7 billion, but rose 0.3% by mid-afternoon on the TASE today to NIS 319.70.
Published by Globes [online], Israel business news - www.globes-online.com - on July 24, 2011
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