October 4, 2017 / 10:45 AM / a year ago

Mylan surges as its generic of Teva's Copaxone gets FDA nod

Oct 4 (Reuters) - Shares of Mylan NV jumped about 17 percent in premarket trading on Wednesday after the U.S. Food and Drug Administration approved the drugmaker’s copycat version of Teva Pharmaceutical Industries Ltd’s blockbuster multiple sclerosis drug.

U.S. listed shares of Israel-based Teva were down 9.7 percent at $17 premarket on Wednesday.

Mylan’s shares were trading at $38 and was top gainer among S&P 500 components trading before the opening bell.

The drug, Copaxone, generated sales of $1.02 billion in the second-quarter of this year, according to Teva’s latest financial report.

The FDA on Monday said it would introduce a slew of measures to speed up bringing to market generic versions of complex drugs in an attempt to address the rising cost of pharmaceuticals in the United States. (Reporting by Divya Grover in Bengaluru; Editing by Savio D’Souza)

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