Perrigo Company (Nasdaq:PRGO; TASE:PRGO) yesterday announced the launch of a generic drug, Acetadote injections for the treatment of hepatic (liver) injury, and the obtaining of US Food and Drug Administration (FDA) clearance to three new infant formula products.
Perrigo launched its generic version of Acetadote injections, after settling a patent infringement suit brought by the brand manufacturer, Cumberland Pharmaceuticals Inc. (Nasdaq: CPIX) in November 2012. Acetadote is injected 8-10 hours after ingestion of a potentially hepatotoxic quantity of acetaminophen. According to Symphony Health Solutions, the brand drug has $41 million in annual sales.
Perrigo's new infant formulas are compliant with the Food and Agriculture Organization's Codex Alimentarius Commission for international food standards. Perrigo Nutritionals will produce the formula for store labels at its infant formula plant in Vermont. The company sells its infant formula in 23 countries.
Perrigo's share price has risen 6.6% on Nasdaq since the beginning of the year, to $109.03, giving a market cap of $10.2 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on January 8, 2013
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