Teva's Generic Version Of AstraZeneca's Nexium Gets FDA Approval

Teva Pharmaceutical Industries said on Monday that the U.S. Food and Drug Administration approved its generic equivalent to AstraZeneca's blockbuster heartburn treatment Nexium. The approval is the first generic version of Nexium, which Teva said had annual sales of about $6 billion as of November 2014. The FDA said Ivax Pharmaceuticals, a subsidiary of Teva Pharmaceuticals USA, is approved to market esomeprazole in 20 and 40 milligram capsules. Teva's stock was down 1.7% in afternoon trade Monday, but had been down as much as 3.7% earlier in the session. AstraZeneca's U.S.-listed shares slipped 0.3%, after being up as much as 0.6% in morning trade.