Cramer made the comment on his popular CNBC show, in response to plans by Merck to lower the price of Zocor.
Jim Cramer, considered one of the most influential voices in the US investment world, commented yesterday on plans by drug company Merck & Co (NYSE: MRK), to lower the price of Zocor. The company is planning the move in order to compete with Teva Pharmaceutical Industries Ltd.’s (Nasdaq: TEVA; TASE: TEVA) generic version of the drug.
Speaking on his CNBC television show “Mad Money” on CNBC television, Cramer said, “I think this is an excellent move by Merck. I haven’t seen the company this aggressive in some time. It’s an attack on generic drug makers like Teva - one it can win.”
Teva plunged 9.5% at the close of trading on Wall Street yesterday, and if the opinion expressed by Cramer is anything to judge by, this was definitely not a one-time incident.
Published by Globes [online], Israel business news - www.globes.co.il - on June 22, 2006
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