- The shares of Canadian pharma company Bausch Health ( NYSE: BHC ) fell ~10% on Thursday on above average volume after a federal register indicated tentative FDA approval for Rifaximin, a generic from Norwich Pharmaceuticals rivaling BHC’s Xifaxan.
- In July, a court ruling dealt a setback on BHC after a Delaware federal court judge issued a ruling over a patent dispute between the company which potentially created Norwich to introduce a Xifaxan generic.
- "We strongly disagree with any conclusion that our patents are not valid and intend to file an appeal to any such order," BHC’s Chief executive Thomas Appio, said in response.
- Marketed by BHC subsidiary Salix Pharmaceuticals Xifaxan is indicated in the U.S. for irritable bowel syndrome diarrhea.
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Bausch Health sheds 10% as FDA grants tentative approval for Xifaxan generic