Diamonds and Dogs
Mylan (MYL) finally has good news. After warning shareholders in August not to expect FDA approval for their multiple sclerosis treatment Copaxone, the FDA did in fact give Mylan approval driving the stock up 17% back to levels not seen since warning shareholders. I guess Mylan warned shareholders for no reason after all.
What's good news for Mylan was bad news for Teva Pharma (TEVA). The Israeli based drug company dropped 14% not far from its 52 week low as their $4 billion MS drug will face serious competition. JPMorgan analysts said Teva now faces full generic competition for Copaxone nine to 12 months earlier than expected. Teva has already been hurting due to weak generics prices in the United States and high debt levels.
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