Perrigo Co. PLC shares declined 1.2% in premarket trade Tuesday after the company said Bayer AG is suing it over a generic rosacea product after Perrigo filed for Food and Drug Administration approval for it. Bayer makes the branded product, Finacea Foam, which is approved for the raised spots and pimple-like bumps that are symptoms of mild to moderate rosacea. Finacea Foam, which is known to be expensive, brought in sales of $54 million last year. Bayer shares rose 0.2% in premarket trade. Perrigo shares have surged 5% over the last three months, while Bayer shares have dropped 3.7%, compared with a 5.8% rise in the S&P 500 .
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