FDA Approval of Generic ADHD Drug Hits Shire Shares

Actavis has received FDA approval for its generic version of Shire's Adderall XR, causing shares in the British drugmaker to plummet.

Shares in British pharmaceuticals giant Shire slumped on Monday (June 25th) after the Food and Drug Administration (FDA) approved a generic version of one of its best-selling drugs.

US regulators have given their backing to a cheaper version of Shire's attention deficit hyperactivity disorder (ADHD) medicine Adderall XR.

The move came as a surprise to many, as approval for the generic - made by Actavis, which was recently acquired by American firm Watson Pharmaceuticals - was not expected for another couple of years.

As a result, shares in Shire dropped by more than 11 per cent, closing at ￡17.39 ($27.10).

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