Sciele Pharma drops 15% after Mylan wins generic Sular approval
Sciele Pharma Inc. (Nasdaq:SCRX) is off 15% today after competitor Mylan Inc. (NYSE:MYL) announced it had gained approval for the generic form of one of Sciele's medications. Sciele’s patent for Sular, a blood-pressure drug, expired on June 8. Pharmaceutical giant Mylan said shipments of the Sular generic would begin immediately.
In today’s trading, shares of Sciele are at $17.46 at 2:58 p.m. ET, down $3.14 from Friday’s close. Trading volume has soared to nearly 4 million shares, well above the average of 700,000. Earlier in the trading day, shares fell to a 52-week low of $17.39.
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