Teva loses on Biaxin; stock slides

An Illinois U.S. District Court judge on Friday, June 3, 2005 granted Abbott Laboratories Inc.'s motion for a preliminary injunction against sales by Teva of its generic version of extended release antibiotic Biaxin.

Israel's Teva Pharmaceutical Industries Ltd. said on June 5 it expects second quarter earnings to be reduced by about 4 cents due to Friday's court ruling delaying launch of a generic antibiotic, sending its stock sliding 8 percent.

[from Reuters]