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ARTICLE | Company News

FDA approves Mylan's generic Copaxone formulations

October 4, 2017 6:54 PM UTC

Mylan N.V. (NASDAQ:MYL; Tel Aviv:MYL) gained $5.27 (16%) to $37.80 on NASDAQ Wednesday after FDA approved the company's generic formulations of multiple sclerosis drug Copaxone glatiramer acetate from Teva Pharmaceutical Industries Ltd. (NYSE:TEVA; Tel Aviv:TEVA). Mylan's 40 mg/mL formulation, administered thrice weekly, is the first FDA-approved generic competitor to Teva's thrice-weekly formulation.

Teva shares sank $2.74 (15%) to $16.08 in New York on Wednesday. The company shed about $2.8 billion in market cap, while Mylan added about $2.8 billion...