Amneal Pharmaceuticals (NYSE:AMRX) said today that it won FDA approval for a generic rivastigmine transdermal patch.
The drug, which is sold under the brand name Exelon, is an acetylcholinesterase inhibitor that is commonly used to treat mild to moderate Alzheimer’s disease and Parkinson’s disease.
The Exelon patch reeled in roughly $225 million in U.S. sales last year, according to IQVIA.
“We are pleased to receive approval on the company’s first transdermal product, which demonstrates our commitment to develop and bring to market complex generic products,” president & CEO Rob Stewart said in prepared remarks.
“Our diverse pipeline of approximately 220 products is expected to deliver additional complex product approvals this year and help us achieve our goal of launching up to 50 generic products in 2019,” Stewart added.
AMRX shares were trading at $13.28 apiece in mid-morning activity today, down -0.5%.
