Schering-Plough Falls on Claritin Worries
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From Dow Jones/Associated Press
Schering-Plough Corp. shares fell on speculation that a generic version of its recently launched over-the-counter allergy drug Claritin may enter the market as soon as next week at a sharp discount to the name-brand version.
A Food and Drug Administration spokeswoman confirmed that the agency approved Geneva Pharmaceuticals’ generic version of Claritin.
Geneva is a unit of Swiss drug maker Novartis.
Shares of Kenilworth, N.J.-based Schering-Plough fell $1.27 to $18.73 on the NYSE.
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