By JPOST.COM STAFF
Teva Pharmaceuticals has received approval to manufacture a new drug to combat high cholesterol.
Following the announcement Sunday, Teva stock soared by 4.5 percent, and economists estimate that the drug could sell for some five billion dollars a year.
The drug, Simvastatin, was approved by the FDA on Thursday. It was originally developed by the American pharmaceuticals manufacturer Ivax, which Teva acquired in January, Army Radio reported.
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