NewsPar, Roxane resume shipment of generic Flonase
03/08/06 - newratings.com
NEW YORK, March 8 (newratings.com) – Par Pharmaceuticals Co (PRX) and Roxanne Laboratories, a unit of Germany’s Boehringer Ingelheim, Tuesday announced that they had resumed the sale of the generic version of GlaxoSmithKline’s (GSK-GBX) Flonase nasal spray.
The shipments were resumed after a federal district court denied GlaxoSmithKline's motion to set aside the Food and Drug Administration's approval last month of the generic spray. Meanwhile, a spokesman for GlaxoSmithKline said that the company’s financial guidance for 2006 was not likely to be affected by the generic launch of Flonase. Par Pharmaceutical’s share price appreciated $0.27 to $28.94 in afternoon trading on the New York Stock Exchange on Tuesday, while American depositary shares of London-based GlaxoSmithKline rose $0.21 to $52.34.