By
Jeff Hwang
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September 9, 2003
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Corona, Calif.-based Watson Pharmaceuticals (NYSE: WPI ) announced today that it received FDA approval for a 5-mg. generic version of Pfizer's (NYSE: PFE ) Glucotrol. The diabetes drug generated approximately $320 million in sales in 2002.
Watson will have generic market exclusivity on the 5-mg. version for the six months ending Oct. 22, 2003. However, the company doesn't expect to launch the product until sometime during the fourth quarter.
Watson also received tentative approval for its 10-mg. version, contingent on the expiration of Andrx's (Nasdaq: ADRX ) exclusivity period.
Last Friday, Andrx reached a deal with Pfizer and Johnson & Johnson (NYSE: JNJ ) subsidiary Alza. Under that agreement, Pfizer will supply Andrx with Glucotrol, while Andrx will market it as an authorized generic.
Watson is clearly on a roll. The FDA approval of generic Glucotrol represents its third generic approval in three months, and its second in just two days. Yesterday, Watson announced that the FDA approved its generic version of Endo Pharmaceuticals' (Nasdaq: ENDP ) $144.6 million painkiller Percocet.
The stock has almost doubled in the past year, but remains mostly unchanged on today's news.
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