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Feb. 13, 2018, 9:10 a.m. EST

Teva shares drop 3% after rival generic product approved and launched

Teva Pharmaceutical Industries Ltd. (NYS:TEVA) shares dropped 3% in premarket trade Tuesday after Novartis AG's Sandoz (NYS:NVS) announced that the 40 mg dose of Glatopa, its generic for Teva's popular multiple sclerosis medication Copaxone, has been approved and launched in the U.S. Glatopa was developed through a collaboration between Novartis and Momenta Pharmaceuticals (NAS:MNTA) , and the 20 mg dose was made available in mid-2015. Momenta shares surged 6.8% in premarket trade. The 40 mg dose was approved about six weeks earlier than expected, said Leerink Partners analyst Ami Fadia, noting that Teva expected a launch as early as April. Teva shares have surged 64% over the last three months, while Novartis shares have risen 1.6% and Momenta shares have surged 26.4%, compared with a 2.8% rise in the S&P 500 (S&P:SPX) .

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