Teva Pharma (TEVA) Reports Health Canada Approves Application for Generic Cipralex

September 10, 2014 2:30 PM EDT

Teva Canada Limited, a subsidiary of Teva Pharmaceutical Industries Ltd. (NYSE: TEVA), announced today that Health Canada has approved its application for the generic version of (Pr)Cipralex(®) for the symptomatic relief of Major Depressive Disorder (MDD).

(Pr)Cipralex(®) had annual sales of approximately $260 million in Canada, based on IMS Brogan sales data as of July 10, 2014. (Pr)Teva-Escitalopram is available immediately in pharmacies across Canada.

"Teva Canada works on behalf of patients, provinces and payers to bring more affordable, safe medications to the market as soon as possible, leaving value in the system for innovation into the next generation of medicines," said Doug Sommerville, Senior Vice President and General Manager, Teva Canada Limited.

"New generic launches in Canada over the last three years have saved patients and payers more than $2.3 billion versus the cost of the equivalent brand name drug product - and with today's launch, we are demonstrating our ongoing commitment to playing a critical role in ensuring the sustainability of the healthcare system."

Mental illness is a serious condition indirectly impacting all Canadians through family members, friends or colleagues. The Canadian Mental Health Association estimates that approximately 8 per cent of adults will experience major depression at some time in their lives.(i) Effective treatments are available; however, stigma and discrimination attached to mental illness plays a role in the fact that almost half (49 per cent) have never seen a doctor about their self-diagnosed depression or anxiety.(ii)

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