Teva Pharmaceutical Industries Ltd (ADR) (NYSE: TEVA) fell nearly 4 percent Thursday to $63.34 following news that the FDA denied its petition to block generic versions of its Copaxone drug.
Mylan NV (NASDAQ: MYL) surged amid the news to $67.76, up 1.48 percent, while Momenta Pharmaceuticals, Inc. (NASDAQ: MNTA) spiked from $16.36 to $20.04 Thursday after the FDA approved its generic version of Copaxone, called Glatopa.
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"We are proud to be able to offer patients with multiple sclerosis the first generic version of daily COPAXONE and the first generic product in this space," said Craig Wheeler, President and CEO, Momenta Pharmaceuticals. "The FDA approval of the ANDA for once daily Glatopa further validates Momenta's approach of using innovative physicochemical and biologic characterization to gain approval of complex generics, biosimilars and novel drugs, and advances Momenta's goal of expanding access to high quality, more affordable medicines."
Momenta Pharmaceuticals gave back some of its earlier gains and recently traded at $17.26, up 7.2 percent.