Shares of Israeli pharmaceutical company Teva Pharmaceutical Industries Ltd. surged over 6% following news that the United States Food and Drug Administration approved its generic version of the EpiPen and EpiPen Jr on Thursday. Teva soared 6.28% at 7:23 pm CET to $23.89 per share.
"Today’s approval of the first generic version of the most-widely prescribed epinephrine auto-injector in the US is part of our longstanding commitment to advance access to lower cost, safe and effective generic alternatives once patents and other exclusivities no longer prevent approval," FDA Commissioner Scott Gottlieb commented on the decision to approve the generic version of the emergency treatment for allergic reactions.
American pharmaceutical giant Mylan N.V. acquired the right to market and distribute the EpiPen autoinjectors from Merck in 2007 only to hike its price by over 400% over the next decade. The drugmaker agreed to pay $465 million in the case launched by the US Department of Justice surrounding the controversy.
