Ivax Gets OK to Sell Generic Version of Taxol

A federal judge cleared the way for Ivax Corp. to sell a generic version of Bristol-Myers Squibb Co.’s breast cancer drug Taxol. U.S. District Judge Colleen Kollar-Kotelly in Washington rejected a request by Santa Monica-based American BioScience Inc. that was aimed at blocking the generic version. American BioScience, which owns a related patent on Taxol, had sought to rescind Food and Drug Administration approval of Ivax’s generic version of the drug, arguing that the FDA exceeded its authority by approving Ivax’s application to sell the generic drug before a legal tangle in California and New York courts had been resolved. But Kollar-Kotelly disagreed. It was not immediately clear whether American BioScience would appeal the judge’s decision or when Ivax would begin preparing to market its generic drug. Bristol-Myers stands to lose some of the $1.5 billion in revenue Taxol generates once Ivax’s cheaper version becomes available. Ivax shares fell $1.04 to close at $42.95 on the American Stock Exchange and Bristol-Myers fell 13 cents to close at $56.58 on the NYSE.