Healthcare Industry News: COPAXONE
News Release - April 25, 2006
Teva Receives First FDA Approval for Generic Pravachol(R)Appellate Court Denies Apotex Request for Injunctive Relief
JERUSALEM--(HSMN NewsFeed)--April 25, 2006--Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA ) announced today that the U.S. Food and Drug Administration has granted final approval for the Company's 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. Shipment of these products will begin immediately. As the first company to file an ANDA containing a paragraph IV certification for these strengths, Teva has been awarded 180 days of marketing exclusivity.
Teva's Pravastatin Sodium Tablets are indicated for the treatment of certain hyperlipidemias and the primary prevention of coronary events.
Annual brand product sales in the U.S. of the 10 mg, 20 mg and 40 mg strengths were approximately $1.5 billion for the twelve months ended December 2005.
Today's approval follows an order by the U.S. Court of Appeals for the DC Circuit dissolving an administrative injunction issued April 20, 2006 and denying Apotex's motion for injunctive relief pending appeal.
Teva Pharmaceutical Industries Ltd., headquartered in Israel, is among the top 20 pharmaceutical companies in the world and is the leading generic pharmaceutical company. The company develops, manufactures and markets generic and innovative human pharmaceuticals and active pharmaceutical ingredients, as well as animal health pharmaceutical products. Close to 90% of Teva's sales are in North America and Europe.
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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