Teva Pharmaceutical Industries' share price plummeted 8.7% in Wall Street trading on Friday after the U.S. Food and Drug Administration approved for sale a generic drug that hadn't gone through full clinical tests, a precedent-setting move.
The FDA approved the Abbreviated New Drug Application for a generic version of Sanofi-Aventis' deep vein thrombosis drug Lovenox.
The decision affects Teva as its flagship drug, Copaxone, has come under increasing fire from generic would-be competitors. Copaxone, Teva's first proprietary drug, is used for treating multiple sclerosis patients and is responsible for 25% to 30% of Teva's profits.
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I wonder what will happen on Monday (http://www.google.com/finance?q=NASDAQ%3ATEVA)