Teva wins exclusive marketing rights to Pravastatin

The US District Court for the District of Columbia denied Apotex’s motion for an injunction against Teva.

Israeli generic drug giant Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) announced after trading on Wall Street closed yesterday that that the US District Court for the District of Columbia has denied Apotex Inc.'s motion for a temporary restraining order and preliminary injunction relating to Apotex's challenge to Teva's 180 days of marketing exclusivity for the first generic version of Bristol-Myers Squibb's (NYSE:BMY) Pravachol (pravastatin sodium) tablets in the US.

Apotex is a privately-owned Canadian generic pharmaceutical company.

Teva expects to obtain final marketing approval for Pravastatin today, with a 180-day exclusive marketing rights, when the patent for Pravachol, a cholesterol blocker, expires. Pravachol sales fell 18% in the fourth quarter of 2005 to $584 million.

Last week, Teva announced that the US Food and Drug Administration (FDA) had decided that the exclusivity marketing period for Pravastatin had not been utilized. Teva therefore won the exclusive right to sell 10-mg, 20-mg and 40-mg Pravastatatin tablets for 180 days.

Published by Globes [online], Israel business news - www.globes.co.il - on April 20, 2006

© Copyright of Globes Publisher Itonut (1983) Ltd. 2006

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