Teva Pharmaceuticals will not launch atorvastatin, the generic version of the world's best-selling drug, Lipitor, that will help Indian companies Ranbaxy and Dr Reddy's Laboratories garner larger sales of the medicine in the US. At present, Ranbaxy and Watson Pharmaceuticals are the two generic companies that are selling the drug in the US along with the original drugmaker Pfizer Inc.
Ranbaxy has made about $600 million from selling atorvastatin during the $180-day exclusivity period that ends on Tuesday, opening up the market for about half a dozen other players such as Teva, Mylan, Dr Reddy's, Aurobindo Pharma and Actavis Group. Teva has, however, already made about $300 million as part of an agreement with Ranbaxy in November.
Both Dr Reddy's and Aurobindo are awaiting USFDA's approval. Teva said the decision was part of the company's strategy to optimise its resources as atorvastatin would have taken up a big portion of both its API and oral dosage formulation facility. In addition, the market for the drug was more robust than the company had anticipated, with 7-8 new players joining the fray.
At 3.17 pm, Ranbaxy was trading at Rs534.80 up by 1.92% with the volume of 3.66 lakh shares on BSE.
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Ranbaxy has made about $600 million from selling atorvastatin during the $180-day exclusivity period that ends on Tuesday, opening up the market for about half a dozen other players such as Teva, Mylan, Dr Reddy's, Aurobindo Pharma and Actavis Group. Teva has, however, already made about $300 million as part of an agreement with Ranbaxy in November.
Both Dr Reddy's and Aurobindo are awaiting USFDA's approval. Teva said the decision was part of the company's strategy to optimise its resources as atorvastatin would have taken up a big portion of both its API and oral dosage formulation facility. In addition, the market for the drug was more robust than the company had anticipated, with 7-8 new players joining the fray.
At 3.17 pm, Ranbaxy was trading at Rs534.80 up by 1.92% with the volume of 3.66 lakh shares on BSE.
....more info