Watson Gains After Generic Pain Patch Gets U.S. Approval
Watson Pharmaceuticals Inc. (WPI) rose after the drugmaker’s generic lidocaine patch to treat pain associated with shingles received U.S. regulatory approval.
Watson increased 6 percent to $83.32 at 4 p.m. New York time, its biggest gain in four months.
The patch is a copy of Endo Health Solutions Inc. (ENDP)’s numbing medication Lidoderm, Watson said in a statement yesterday. Watson plans to begin selling the product in September 2013. The Parsippany, New Jersey-based company said it’s eligible to sell the drug for six months without competition.
Watson and Chadds Ford, Pennsylvania-based Endo settled patent litigation related to lidocaine on May 29. Lidoderm is Endo’s best-selling drug, with the company reporting $825 million in sales last year.
Shingles is a painful, blistering skin rash caused by the virus that causes chicken pox, according to the National Institutes of Health.
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