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Perrigo shares up 1.5% after FDA approves marketing application for generic antibacterial

Sarah Toy

Shares of Dublin-based Perrigo Co. Plc rose 1.5% in premarket trade Wednesday after the company said the U.S. Food and Drug Administration had approved a development partner's marketing application for a generic version of Metrogel-Vaginal, a treatment for bacterial vaginosis. The generic was developed in partnership with Capstone Development Solutions, a unit of Water Street Healthcare Partners, and Perrigo will get full ownership of the application within the next 30 days. Annual market sales for Metrogel-Vaginal for the 12 months ending May 2019 were around $100 million, Perrigo said, and the company plans to start selling the drug immediately after getting ownership of the application. Shares of the company have gained 27.4% in the year to date through Tuesday, while the S&P 500 has gained 18.6%.