Teva shares drop 3% after rival generic product approved and launched

Teva Pharmaceutical Industries Ltd. shares dropped 3% in premarket trade Tuesday after Novartis AG’s Sandoz announced that the 40 mg dose of Glatopa, its generic for Teva’s popular multiple sclerosis medication Copaxone, has been approved and launched in the U.S. Glatopa was developed through a collaboration between Novartis and Momenta Pharmaceuticals , and the 20 mg dose was made available in mid-2015. Momenta shares surged 6.8% in premarket trade. The 40 mg dose was approved about six weeks earlier than expected, said Leerink Partners analyst Ami Fadia, noting that Teva expected a launch as early as April. Teva shares have surged 64% over the last three months, while Novartis shares have risen 1.6% and Momenta shares have surged 26.4%, compared with a 2.8% rise in the S&P 500 .

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