News | News By Subject | News by Disease News By Date | Search News
Get Our FREE
Industry eNewsletter
email:    
   

Allergan Inc. (AGN) Faces Generic Competition for Restasis Eye Drug


6/26/2013 7:53:54 AM

Get the latest biotech news where you want it. Sign up for the free GenePool newsletter today!

A spate of downgrades and price-target reductions for Allergan Inc. sent shares tumbling at a far greater pace than the rest of the struggling market on Monday, with the pharmaceutical firm’s stock dropping more than 10% at one point on concerns over generic challenges to its dry-eye drug Restasis. Allergan shares were off more than 9% at $83.77 in recent action as the U.S. Food and Drug Administration seemed to pave the way for competitors to come in and start marketing generic forms of Restasis within a year or two. The FDA released guidance for developing generic forms of Restasis late Friday, saying that a clinical trial would not be necessary, even though Allergan insists it is. That could get a generic to market much faster than expected, analysts say, and take a bite out of earnings in future years. Restasis is Allergan’s second-best selling drug, behind Botox.

Help employers find you! Check out all the jobs and post your resume.

Read at Market Watch


comments powered by Disqus
   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES