Ribapharm Shares Fall on Competition News
Ribapharm Inc. shares fell for a second day after Schering-Plough Corp. said it expects increased generic competition for a liver disease drug sold by the two companies.
Shares of Ribapharm fell 50 cents, or 14%, to $3.15 in NYSE trading. ICN Pharmaceuticals Inc., which owns 83% of Ribapharm, fell 80 cents to $7.39.
Ribapharm licenses ribavirin, its only product, to Schering-Plough, which sells the drug as Rebetol in combination with its Peg-Intron medicine. The drugs treat hepatitis C.
On Friday, Schering-Plough said 2003 profit may be hurt by generic competition in the U.S. for ribavirin, prompting shares to fall 12%.
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