Perrigo Company (Nasdaq:PRGO; TASE:PRGO) has obtained US Food and Drug Administration (FDA) approval for the company's Abbreviated New Drug Application (ANDA) for Clobetasol Propionate Foam, 0.05% for the treatment of moderate to severe dermatosis of the scalp. The company will have a 180-day sales exclusivity period. Perrigo will market a generic version of Connetics Corporation's Olux Foam.
Perrigo rose 8.2% on Nasdaq yesterday to $34.89, giving a market cap of $3.25 billion. The share fell 0.7% on the TASE yesterday.
According to Wolters Kluwer, sales for the branded product, Olux Foam, totaled $85 million data for the year through January 2008.
In late 2005, Connetics filed a patent infringement suit against Perrigo in the US District Court for the District of New Jersey after Perrigo claimed that Connetics' patent was invalid, unenforceable, or would not be infringed by Perrigo's ANDA. In response to a motion filed by Connetics last Thursday, the Court temporarily restrained Perrigo, as of March 7, 2008, from manufacturing, using, marketing or importing into the US its product pending the outcome of a hearing on March 19, 2008. On that date, the Court will hear arguments on Perrigo's pending Summary Judgment Motion as well as Connetics' Motion for a Preliminary Injunction.
Published by Globes [online], Israel business news - www.globes-online.com - on March 12, 2008
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