Mylan announced Thursday it had received tentative approval for a generic version an HIV drug suitable for warmer climates.
According to Mylan, the Food and Drug Administration has approved a generic version of Abbott Laboratories's lopinavir and ritonavir tablets, under the Emergency Plan for AIDS Relief. Mylan's Matrix division in India will make the drug, which is marketed under the name Kaletra in the U.S. and Europe and Aluvia in developing countries and is used in concert with other drugs to treat HIV infections.
"With Matrix's heat-stable and affordable version of Lopinavir/Ritonavir, patients in remote parts of developing nations will have access to this important life-saving drug," said Mylan Vice Chairman and CEO Robert J. Coury in a statement.
Mylan received approval from the World Health Organization for the same product last month.
According to The Associated Press, Abbott reported $378 million in Kaletra revenue in 2008.
Shares of Mylan, based in Canonsburg, Penn., were recently up 3% to $12.73 — off their 52-week low of $5.75 and a dollar and change shy of their 52-week high of $14.45. The company recently got a nod from an analyst at Morgan Stanley, who raised estimates and the price target on the stock based on the success of a generic version of GlaxoSmithKline's depression drug Paxil.