Generic Version of Prozac Expected Soon

Eli Lilly & Co. could face generic competition on its blockbuster antidepressant drug Prozac as early as next month. Lilly had hoped to extend its patent on the drug through 2003, but the federal appeals court in Washington, D.C., would not reconsider a ruling that the drug company’s 2003 patent is invalid. Lilly plans to appeal to the Supreme Court.

“For business planning purposes we continue to operate under the assumption that fluoxetine [Prozac] will enter the generic market on Aug. 3, 2001,” a Lilly spokeswoman said.

Barr Laboratories Inc., which has been battling Lilly over the Prozac patent since 1996, plans to put a generic version of the antidepressant on the market quickly.

On the NYSE, shares of Lilly rose $1.70 to close at $76.75, and Barr Labs jumped $5.75, or nearly 8%, to $79.50.