Generic drug company Teva Pharmaceutical Industries Ltd. said Thursday the Food and Drug Administration approved its version of Boehringer Ingelheim Pharmaceuticals Inc.'s Mobic.
The Meloxicam tablets, in 7.5 milligram and 15 milligram doses, are aimed at treating osteoarthritis and rheumatoid arthritis symptoms. Boehringer's Mobic posted sales of USD 1 billion for the 12 months ended March 2006, Teva said, citing market data.
Israel-based Teva said it would begin shipping the product immediately.
Shares of Teva fell 6 cents to USD 31.28 on the Nasdaq in morning trading.