Healthcare Industry News: Pravachol
News Release - April 20, 2006
Teva Announces Stay of Approval for Generic Pravachol Lifted
JERUSALEM--(HSMN NewsFeed)--April 20, 2006--Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA ) announced today that further to its press release dated April 19, 2006, Teva filed a motion to reconsider the stay of approval of its Abbreviated New Drug Application (ANDA) to market its generic version of Bristol-Myers Squibb's Pravachol® (Pravastatin Sodium) Tablets, 10 mg, 20 mg and 40 mg, and the Court has granted that motion and vacated the stay of approval. The Court's denial of Apotex's motion for a temporary restraining order and preliminary injunction remains in place. Apotex has appealed those denials to the Court of Appeals for the District of Columbia and has asked that the Appellate Court enter a stay of approval of Teva's ANDA pending a decision on the appeal.Safe Harbor Statement under the U. S. Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which express the current beliefs and expectations of management. Such statements are based on management's current beliefs and expectations and involve a number of known and unknown risks and uncertainties that could cause Teva`s future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to Teva's ability to rapidly integrate Ivax Corporation's operations and achieve expected synergies, Teva`s ability to successfully develop and commercialize additional pharmaceutical products, the introduction of competing generic products, the impact of competition from brand-name companies that sell or license their own brand products under generic trade dress and at generic prices (so called "authorized generics") or seek to delay the introduction of generic products ,the impact of consolidation of our distributors and customers, regulatory changes that may prevent Teva from exploiting exclusivity periods, potential liability for sales of generic products prior to a final resolution of outstanding litigation, including that relating to the generic versions of Allegra®, Neurontin®, Oxycontin® and Zithromax®, the effects of competition on Copaxone® sales, including as a result of the expected reintroduction of Tysabri® into the market, the impact of pharmaceutical industry regulation and pending legislation that could affect the pharmaceutical industry, the difficulty of predicting U.S. Food and Drug Administration, European Medicines Agency and other regulatory authority approvals, the regulatory environment and changes in the health policies and structures of various countries, Teva`s ability to successfully identify, consummate and integrate acquisitions, potential exposure to product liability claims, dependence on patent and other protections for innovative products, significant operations worldwide that may be adversely affected by terrorism or major hostilities, environmental risks, fluctuations in currency, exchange and interest rates, operating results and other factors that are discussed in Teva's Annual Report on Form 20-F and its other filings with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Source: Teva Pharmaceutical
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