Early Entry of Generics Thwarts MRX – Zacks Tale of the Tape
Source: http://www.zacks.com/stock/news/18335/Early+Entry+of+Generics+Thwarts+MRX+-+Zacks+Tale+of+the+TapePosted on Wednesday, March 18th, 2009 | In Stocks to Watch
Medicis Pharmaceutical Corp. (MRX) slumped the most in 12 years on Wednesday after the U.S. Food and Drug Administration rejected the company’s appeal for banning generic versions of its acne drug Solodyn from entering the market before the patent expired.
Mylan Inc. (MYL), Barr Laboratories Inc. and Novartis AG (NVS) unit Sandoz Inc. have submitted abbreviated new drug applications (ANDAs) for Solodyn. Israel-based Teva Pharmaceutical Industries Ltd. (TEVA) has already received a nod from federal health regulators to market its generic version of the oral antibiotic and began shipment of the product.
Medicis filed its petition for a 30-month stay on ANDAs of Solodyn, after suing all the generic makers. Solodyn, which is scheduled to lose patent protection in 2018, contributes nearly 50% of the Scottsdale, Arizona-based company’s total revenue.
Shares of the company are down more than 11% today.
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