Mylan up on OK for generic of Lilly’s $2bn cancer drug Alimta

Shares in Mylan have risen after the FDA gave a tentative approval to its generic version of Eli Lilly’s blockbuster cancer therapy Alimta.

The preliminary approval clears the way for Mylan to launch its generic once Lilly’s patents on Alimta (pemetrexed) have expired, giving it a shot at stealing market share from the $2 billion-plus brand, used to treat non-squamous non-small cell lung cancer (NSCLC) and mesothelioma.