Teva is one of ten companies to obtain FDA approval for a generic version of Merck's asthma and allergies drug Singulair.
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) is one of ten companies to obtain US Food and Drug Administration (FDA) approval for generic versions of asthma and allergies treatment Singulair in adults and children. Brand Singulair, made by Merck & Co. (NYSE: MRK), has $5 billion in annual US sales.
Teva obtained approval for both tablet and oral granule forms of Singulair. Teva, Mylan Inc.(NYSE: MYL), and Novartis AG (NYSE:NVS; LSE: NOV; SWX: NOVZ) generic subsidiary Sandoz will reportedly launch cheaper generic versions of the drug, which will jointly win 66% of the market.
Montelukast, the active ingredient in the drug, is in a class of medications called leukotriene receptor antagonists. It works by blocking the action of leukotrienes, substances in the body that cause the symptoms of asthma and hay fever (allergic rhinitis).
Published by Globes [online], Israel business news - www.globes-online.com - on August 5, 2012
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