Watson Pharmaceuticals Inc. 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.’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.