Final approval to market the generic drug is expected in December 2009.
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) announced that the U.S. Food and Drug Administration (FDA) has granted tentative approval for the firm to market its generic version of GlaxoSmithKline's antiviral product Valtrex (Valacyclovir Hydrochloride) Tablets.
Final approval of Teva's application is anticipated in December 2009.
The brand product had annual sales of approximately $1.5 billion in the United States for the twelve months ended June 30, 2007, based on IMS sales data.
Antiviral drug Valtrex is used to treat genital herpes, shingles, and cold sores.
Shares in Teva were unchanged on Friday in Nasdaq trading, closing at $43.84. The price gives the generic pharmaceuticals firm a market cap of $33.4 billion.
Published by Globes [online], Israel business news - www.globes.co.il - on October 7, 2007
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