[September 04, 2008] Biovail Seeks FDA Approval For Generic Version Of Abbott Laboratories Cholesterol Drug Tweet (InvesTrend Via Acquire Media NewsEdge) September 4, 2008 (FinancialWire) -- Canadian drugmaker Biovail Corp. (NYSE: BVF) said that it is seeking U.S. approval to market a generic version of cholesterol drug Tricor from Abbott Laboratories (NYSE: ABT). Biovail said it filed an application for generic Tricor with the Food and Drug Administration. Abbott is currently the only manufacturer of Tricor, but it is expected to face competition when its patent expires next year. The drug is designed to increase HDL, or "good" cholesterol, and lower LDL, or "bad" cholesterol, by breaking down fat in the bloodstream. According to pharmaceutical data firm IMS Health, Tricor generated U.S. revenue of $1.45 billion in year ended June 30, 2008. Shares of Biovail Corp. fell five cents to $10.86 in after-hours trading, after closing earlier up 14 cents to $10.91. Shares of Abbott Laboratories fell $1.08 to close at $57.93 Wednesday. FinancialWire is a fully independent, proprietary news wire service of Investrend Information (a division of Investrend Communications, Inc.). FinancialWire news is written by professional journalists, dedicated to pure journalistic standards. FinancialWire does not receive or accept any compensation from any individual or subject company (or representative thereof) for its news or opinions. All FinancialWire news is available at http://www.financialwire.net . Please address any inquiries to [email protected] . Free annual reports for companies mentioned in the news are available at http://investrend.ar.wilink.com/?level=279 . (Distributed for Investrend Communications, Inc. via M2 Communications Ltd (www.m2.com)) Copyright ? 2008 M2 Communications Ltd. [ Back To TMCnet.com's Homepage ]