Leading Israeli drugmaker Teva saw its share price fall on the Tel Aviv stock exchange, after revealing that the US Food and Drug Administration has declined to approve its new multiple sclerosis treatment Copaxone (copolymer-1). The agency has requested further information, which Teva says it expects to have no difficulty in providing. Nevertheless, it is a disappointment.
As reported recently, Teva sees this application, which is its first in the USA for an innovative product, as a milestone in its history (Marketletter August 14). Analysts were predicting sales of $250 million a year for the drug by 1998; this would add substantially to the company's turn-over, which amounted to $309.5 million for the first six months of this year. Copaxone will be marketed in the USA via a joint venture with Marion Merrell Dow.
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