Mylan, Micro Labs receive FDA approval to market generic Eliquis

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Shares of Mylan are up 0.2% in premarket trading on Tuesday. The Food and Drug Administration said Monday that the company and Micro Labs Ltd., a privately held generic drugmaker, had each received approval to market generic versions of the blood-thinner Eliquis for two indications. Eliquis is co-marketed by Bristol-Myers Squibb and Pfizer. The medication brought in $3.1 billion in the first nine months of 2019, up from $2.5 billion in the same timeframe in 2018, for Pfizer, and $5.4 billion for BMS for the nine months ending Sept. 30, 2019, up from $4.9 billion for the nine months ending Sept. 30, 2018. More than 20 generic drugmakers sued the companies over Eliquis patents in 2017. Mylan’s stock is down 27% year-to-date, while the S&P 500 has gained 28%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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