Teva Pharmaceutical Industries (NYSE: TEVA)
New York-listed shares in Israel-based Teva Pharmaceutical Industries Ltd. rallied as much as 7% before the opening bell on Monday, after the U.S. Food and Drugs Administration (FDA) approved a migraine therapy known as Ajovy that belongs to the company. The therapy is designed to treat chronic attacks associated with headaches.
Some investors believe that the landmark approval could play an important role of pushing the already-troubled pharmaceutical firm into a better place. Copaxone, the company’s flagship drug that is used for treating multiple sclerosis is currently facing increasing competition from similar drugs made by other pharmaceuticals around the world.
Ajovy was designed by a privately held biotech firm known as Labrys Biologics Inc., which FDAwas acquired by Teva four years ago. It is the only drug in the world that uses a protein called calcitonin gene-related peptide (CGRP) that suppresses migraines.
Migraine is among the top five most common illness globally, affecting over 36 million people in the U.S. alone. Ajovy is expected to hit U.S. pharmacies in about two weeks with quarterly and monthly doses going for $1,725 and $575, respectively.
TEVA Executive Comments
“This is an important day for Teva and complements our long-standing history of helping patients living with diseases of the central nervous system. The approval of AJOVY helps us to continue to provide access to important medicines and to deliver on our commitment to our key stakeholders – patients, employees and shareholders.” said Kåre Schultz, Chief Executive Officer of Teva.
The Executive Vice President of Global Research and Development at the company, Hafrun Fridriksdottir had this to say on the approval, “With limited availability of preventive treatment options, AJOVY provides physicians with an important new option for their patients. This approval furthers our ongoing commitment and experience in neurological conditions like migraine.”
Teva Pharmaceuticals Industries Ltd. Company Profile
Teva Pharmaceutical Industries Limited, a pharmaceutical company, develops, manufactures, markets, and distributes generic medicines and a portfolio of specialty medicines worldwide. It operates through two segments, Generic Medicines and Specialty Medicines.
The Generic Medicines segment offers sterile products, hormones, narcotics, high-potency drugs, and cytotoxic substances in various dosage forms, including tablets, capsules, injectables, inhalants, liquids, ointments, and creams. This segment also develops, manufactures, and sells active pharmaceutical ingredients.
The Specialty Medicines segment provides specialty medicines for use in central nervous system and respiratory indications. Its products in the central nervous system area comprise Copaxone for the treatment of relapsing forms of MS; and AUSTEDO for the treatment of tardive dyskinesia and chorea associated with Huntington disease.
This segment’s products in the respiratory market include ProAir, ProAir Respiclick, QVAR, Duoresp Spiromax, Qnasl, Braltus, Cinqair/Cinqaero, and Aerivio Spiromax for the treatment of asthma and chronic obstructive pulmonary disease, as well as Bendeka, Treanda, Granix, Trisenox, Lonquex, and Tevagrastim/Ratiograstim products in the oncology market.
The company has collaboration arrangements with Otsuka Pharmaceutical Co. Ltd. and Regeneron Pharmaceuticals, Inc. Teva Pharmaceutical Industries Limited was founded in 1901 and is headquartered in Petach Tikva, Israel. –YahooFinance
