Andrx Expects Delay in Drug Approval
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Andrx Corp. said it expects U.S. regulatory approval of its generic version of heartburn and ulcer medicine Prilosec to be delayed because of issues raised by Britain’s AstraZeneca, the original maker of the blockbuster drug, and AaiPharma Inc., which holds related patents.
AstraZeneca’s main patent on the Prilosec formulation expires today, but Wall Street does not expect generic companies to launch their drugs soon since the Anglo-Swedish company has sued several drug makers to keep its patent protection.
Prilosec was the world’s top-selling drug in 2000, with sales of more than $6 billion.
Shares of Fort Lauderdale, Fla.-based Andrx fell $7.72 to $67.35 on Nasdaq.
AstraZeneca’s American depositary receipts fell $1.39 to close at $45.50 on the NYSE; Wilmington, N.C.-based AaiPharma rose $1.37 to $17.21 on Nasdaq.
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