UPDATE 1-New Teva emergency contraceptive to expand market

* New version of Plan B requires one pill instead of two

* FDA lowers over-the-counter access to 17 year-olds

* Teva expects new version to expand market, boost access

(Releads with quotes from Teva official)

TEL AVIV, July 13 (Reuters) - Teva Pharmaceutical Industries Ltd (TEVA.O) said it expects the new version of its Plan B emergency contraceptive to expand the market and boost access to the pill for more women.

Israel-based Teva, the world's biggest generic drug company, and Hungarian drug maker Richter Gedeon GDRB.BU said on Monday the U.S. Food and Drug Administration gave final approval to their Plan B One-Step "morning after" emergency contraception.

"This is one tablet that women can take to help prevent unintended pregnancies after unprotected sex. The old version was two pills taken 12 hours apart," Moshe Manor, Teva vice president of global branded products, told Reuters.

Manor said the FDA also expanded over-the-counter access to Plan B for consumers age 17 or older. Until now, only women 18 or older could buy the drug over the counter.

Girls younger than 17 still require a prescription.

"At the moment we are selling (Plan B) at over $100 million a year," Manor said. "We believe that with the new product we will be able to expand the market and provide better access to women."

He declined to say by how much Teva estimates the market will grow as a result of the new product, which will be available at U.S. pharmacies within a month.

Teva will distribute the drug in North America while Richter has already launched it in Hungary, CIS states and several European Union member states.

Teva's Tel Aviv-listed shares (TEVA.TA) were up 0.3 percent at midday in a flat market. Richter shares were 2.5 percent higher.

(Additional reporting by Gergely Szakacs in Budapest)

(Reporting by Tova Cohen; Editing by David Cowell)