* Needle-free device to administer human growth hormone
* Antares shares rise as much as 58 pct
(Adds analyst comments, updates share movement)
By Anand Basu
BANGALORE, June 29 Teva Pharmaceutical
Industries Ltd (TEVA.TA) TEVA.O said U.S. health regulators
approved its partner Antares Pharma Inc's AIS.A needle-free
injector device to administer the Israeli company's human
"This is an important validation of the Teva partnership,
which is the primary driver of our valuation and excitement
about Antares stock," Ladenburg Thalmann analyst Matthew Kaplan
said by phone.
Shares of Antares rose as much as 58 percent to a new year
high of $1.14, before paring some gains to trade up at $1.02 in
morning trade Monday on the American Stock Exchange.
Teva, the world's largest generic drug maker, and Antares
filed a supplemental new drug application last year to use the
needle-free device to administer Tev-Tropin, a human growth
Human growth hormone is a protein, given by injection, that
is commonly used to treat children with growth hormone
Kaplan, who rates Antares a "buy" with a $2 price target,
said he expects it to receive about $10 million annually in the
form of royalties from sales of Tev-Tropin and of the device,
Tev-Tropin Tjet injector system.
He expects Teva to derive about $100 million annually from
sales of the products.
The market for human growth hormone in the United States is
about $1 billion, Teva said, citing industry estimates.
"This is the first of five products that are partnered with
Teva to gain approval. We expect additional approval of
possibly two additional partnered products in 2010, and another
in 2011 and the fifth in 2012," Kaplan said.
The two companies have entered into several agreements,
under which Antares is developing injection systems for
administration of some Teva's drugs.
Shares of Teva were almost flat at $48.46 Monday on Nasdaq.
For the alerts double-click [ID:nWNAB2843] .
(Editing by Anne Pallivathuckal and Aradhana Aravindan)