Barr gets FDA OK for generic Yasmin contraceptive

NEW YORK (Reuters) - Barr Pharmaceuticals Inc BRL.N said on Friday the U.S. Food and Drug Administration has approved the sale of its generic version of the oral contraceptive Yasmin.

Barr challenged the Yasmin patent held by Bayer AG (BAYG.DE), and in March, a U.S. district court found that the patent held by Bayer was invalid because it was obvious. The German drugmaker has appealed the ruling.

Yasmin, known generically as drospirenone and ethinyl estradiol, had branded annual sales of about $575 million, Barr said.

The generic drugmaker said it planned to start selling its version of Yasmin in mid 2008. It expects, as the first to file for approval, to have 180 days of exclusivity before any other generic companies can start selling the contraceptive.

Barr shares closed up $1.89 at $39.99 on the New York Stock Exchange.

(Reporting by Bill Berkrot, Editing by Toni Reinhold)