This is the greatest news I've heard in a long time.
U.S. regulators cleared the first generic competitor to Mylan'sEpiPen, after a yearslong delay that many said contributed to the emergency allergy drug's rapid rise in price.
Teva Pharmaceuticals received Food and Drug Administration approval for generic versions of both the EpiPen and EpiPen Jr, the agency said in a statement Thursday.
The products are the first competitors cleared by the FDA that are direct generic copies of the EpiPen and could be substituted for the brand-name product by a pharmacist. Other versions of epinephrine auto-injectors, such as the Adrenaclick and Auvi-Q, are on the market, but aren't considered EpiPen generics.
Teva shares rose nearly 6 percent on the news.
"This approval means patients living with severe allergies who require constant access to life-saving epinephrine should have a lower-cost option, as well as another approved product to help protect against potential drug shortages," FDA Commissioner Scott Gottlieb said in the statement.
The authorized generic, identical to the original except without the brand name, could cost half the price. Which would be $150 per pen, $300 for a two pack.