Glaxo's Key Drug Gains Time as FDA Denies Novartis Generic
- Sandoz unit will provide agency with details on Advair copy
- Glaxo earnings may accelerate if there’s no generic rival
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GlaxoSmithKline Plc’s asthma drug Advair won some room to run as U.S. regulators denied approval to rival Novartis AG’s generic version of the blockbuster treatment.
Glaxo extended its gains in London trading Thursday, rising as much as 3.6 percent, after Novartis said its Sandoz unit received a notification from the Food and Drug Administration that its application wasn’t approved in its current form. The regulator’s requests include requirements to submit additional data, the Swiss drugmaker said in an emailed statement.