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Teva Pharmaceutical Industries Ltd. won US regulatory approval to sell a new treatment for migraines, a key part of the company’s turnaround strategy. The stock surged in after-hours trading.
The US Food and Drug Administration approved Ajovy, an injection administered every few months to relieve migraines in adults, the Israeli drugmaker said in a statement late Friday. More than 36 million people in the US suffer from these debilitating episodes, and the medicine could generate around $500 million of sales by 2022, according to analyst estimates compiled by Bloomberg.
Ajovy’s launch could help Teva, the world’s largest generic drugmaker, eventually replace declining
