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FDA OKs Generic Version of Lilly Drug (LLY)

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By Paul Ausick Published

Indian drug maker Sun Pharmaceutical Industries Ltd. has received approval from the US Food and Drug Administration to sell its generic version of Zyprexa Zydis tablets in the the US. Eli Lilly & Co. (NYSE: LLY) lost patent protection on the anti-psychotic drug in October last year.

The market for generic Zyprexa, or olanzapine, totals about $360 million annually. The drug is used to treat schizophrenia and bipolar disorder. Lilly cut its revenue estimate for 2012 by $3 billion due to the loss of the company’s patent protection on Zyprexa.

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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