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Early Entry of Generics Thwarts MRX
Medicis Pharmaceutical Corp. (MRX - Snapshot Report) 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 - Analyst Report), Barr Laboratories Inc. and Novartis AG (NVS - Snapshot Report) unit Sandoz Inc. have submitted abbreviated new drug applications (ANDAs) for Solodyn. Israel-based Teva Pharmaceutical Industries Ltd. (TEVA - Analyst Report) 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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| Market Summary | Feb 09, 2010 21:54 pm ET |
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