A US court ruled against the FDA for approving generic versions of the cancer drug.
Less than a week after launch, Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) has stopped shipments of oxaliplatin, its generic, injectable version of the Sanofi-Aventis SA (NYSE: SNY; Euronext: SAN) colon-cancer drug Eloxatin after a US Court of Appeals ruled in favor of Sanofi-Aventis' appeal against the US Food and Drug Administration (FDA) for approving the marketing of the generic version of the drug. The injunction will be in force until a court decision on the case.
Hospira Inc. (NYSE: HSP), which also obtained FDA approval for its generic version of Eloxatin, has suspended shipments.
Bernstein Research analyst Dr. Ronny Gal said that the stopping of oxaliplatin shipments should have no material effect on Teva or Hospira.
Brand sales of Eloxatin totaled $1.4 billion in the US over the past 12 months.
Published by Globes [online], Israel business news - www.globes-online.com - on August 18, 2009
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