UPDATE 1-Teva to sell generic version of Pfizer's Norvasc

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CHICAGO, June 29 (Reuters) - Teva Pharmaceutical Industries Ltd. (TEVA.O: Quote, Profile, Research, Stock Buzz)(TEVA.TA: Quote, Profile, Research, Stock Buzz) on Friday said the U.S. Food and Drug Administration cleared a generic version of Pfizer Inc.'s (PFE.N: Quote, Profile, Research, Stock Buzz) lucrative blood pressure drug, Norvasc.

Total annual sales of the drug are about $2.8 billion, Israel-based Teva said. Once one of Pfizer's biggest selling drugs, an incoming flood of generics is expected to eat dramatically into sales.

Rival generic drugmaker Mylan Laboratories Inc. (MYL.N: Quote, Profile, Research, Stock Buzz) in March launched a generic form of the medicine, known generically as amlodipine, after a federal appeals court declared some of Pfizer's patent claims invalid.

Mylan has sued U.S. regulators, claiming it is entitled to the standard 180-day marketing exclusivity typically granted to the first generic drug on the U.S. market.

In May, privately held drugmaker Apotex Corp. said it launched a generic version of the drug.

Mylan shares slipped about 1 percent, or 21 cents to $18.16 in midday trading on the New York Stock Exchange. Teva shares were flat at $41.03 on Nasdaq. Pfizer shares were off 17 cents, or 0.62 percent, at $25.46 on the NYSE.

The drug is approved to treat hypertension, or high blood pressure and certain types of chest pain.