Teva Pharmaceutical Industries Ltd. (Nasdaq:TEVA; TASE:TEVA) is testing a generic version of Roche Holding AG (SWX: RO) drug Rituxan. This is a protein-based drug, which treats a range of diseases from cancers to arthritis and has 2009 sales of $5.24 billion.
Teva's share price jumped on the news. Despite sharp falls across the market, Teva's share was up 4.44% in early afternoon trading on the TASE to NIS 218.9. The share closed at $55.68 on Nasdaq yesterday, giving a market cap of $49.72 billion.
Teva has begun recruiting patients for a clinical trial according to the US. National Institutes of Health website. The trial was posted on the website earlier this month.
Teva spokesman Yossi Koren said, “Teva confirms that we are in clinicals,”
He added that the trial shows Teva is progressing according to plan and “positions us well in the bio-similars race.”
Published by Globes [online], Israel business news - www.globes-online.com - on May 25, 2010
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