Copaxone Hopes Boost Teva's ADRs
American Depositary Receipts of Teva Pharmaceuticals, Teva of Israel'ssubsidiary, rose almost 12% to finish at $55.25 after positive comments about the firm's new multiple sclerosis treatment Copaxone (glatiramer acetate for injection; Marketletter January 6) from Furman Selz analyst Stephen Buell.
After seeing the label, Mr Buell said he is convinced the drug can be competitive as a first-line therapy. Other analysts had expected the drug to be a second-line therapy only.
Approved in December, (Marketletters passim) Copaxone will be marketed in the USA by Teva Marion Partners, a collaboration between Teva and Hoechst Marion Roussel. Mr Buell expects Copaxone to have sales approaching $500 million after three-four years on the market.
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