Teva Announces End to Propofol Production

[CherubimII]

Teva Announces End to Propofol Production; Drug Caused Michael Jackson’s Death

by MidnightTrader.com May 28, 2010 10:27 EDT Related Symbols: TEVA (http://www.onn.tv/stock-quote/TEVA/)


10:27 AM Eastern Daylight Time, 05/28/2010 (MidnightTrader) —

Teva Pharmaceutical Industries Ltd. (TEVA) opened near even, but has been moving lower with the market after announcing this morning that it will end production of propofol, the powerful sedative that caused the death of pop singer Michael Jackson.

Shares opened at $55.68 and are down 1.33% at $54.96, a penny off its session low.

Teva gave no reason for the move, but it could be related to a spate of lawsuits, numbering 250 or more related to the drug, which is supposed to be confined to a hospital operating rooms.

AstraZeneca PLC (AZN) makes Divipran, the brand name drug. Its shares are up 0.69%.
Price: 54.96, Change: -0.74, Percent Change: -1.33

http://www.onn.tv/news-feed/midnight-trader/teva-announces-end-to-propofol-production-drug-caused-michael-jackson-s-death/

[GinnyJackson]

good
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[DanceofLorelei1994]

Excellent.

[Ashtanga]

Too late.... :sigh:

But at least they did something. Good.

[elusive moonwalker]

well they are gonna need something to use in operating theatres. i guess they are bothered about the lawsuits. but its not the drug that is the problem but what ppl do with it

[AllForLove]

"Teva gave no reason for the move, but it could be related to a spate of lawsuits, numbering 250 or more related to the drug, which is supposed to be confined to a hospital operating rooms."

good thing - what kind of lawsuit could it be ? Someone knows ?

[144,000]

inevitable. Michael is a world fan treasure. and perception is reality.

[elusive moonwalker]

"Teva gave no reason for the move, but it could be related to a spate of lawsuits, numbering 250 or more related to the drug, which is supposed to be confined to a hospital operating rooms."

good thing - what kind of lawsuit could it be ? Someone knows ?
yeah thats a good question. has there been many. i know theres been quite a few crim cases

[JMie]

I think they will just rename it, that's all. after all, it's not the drug itself, it's the doctors who are responsible.

[rainny]

It will be back under a new name.

[AllForLove]

yeah thats a good question. has there been many. i know theres been quite a few crim cases

Probably, that's what I also thought - it's scaring, it seems to me that to find this kind of drug is quite easy :bugeyed
I'm agree, they will surely change the name.

[ginvid]

Yes, I agree I would like to know what kind of lawsuits are pending. I mean if this drug is in all actuality safe when used correctly, why would they stop production? Aren't many drugs unsafe when used incorrectly? Unless it is osmething about the drug they are not telling us?

[ivy]

I got answers :)

First of all apparently Teva is not the only manufacturer of Propofol. It's just an international based manufacturer that produces generic Propofol. So other companies are still continuing to produce the drug.

Secondly if you remember some time after Michael's death there was a recall for Propofol due to manufacturing error by Teva and they are facing civil suits because of that manufacturing error. The 250 lawsuits are from 2008 and this is the info for that


In 2008, propofol was connected to a hepatitis C outbreak that infected as many as 114 people. Vials of propofol were allegedly used to treat more than one patient each, spreading the liver disease. Close to 250 lawsuits have been filed in connection with the outbreak.

this month one person won their lawsuit and Teva is required to pay $356 million to that person. However they are appealing the lawsuit saying that it was the hospital that misused the drug (giving it more than one person)..

That's why

for detailed info

http://abcnews.go.com/Business/wirestory?id=10769777&page=1

and I think we should move this to general discussion as I can't see the tie to MJ.

[FedoraHatGirl2058]

If only this was done before June 25, 2009 :cry:

[AllForLove]

I got answers :)

First of all apparently Teva is not the only manufacturer of Propofol. It's just an international based manufacturer that produces generic Propofol. So other companies are still continuing to produce the drug.

Secondly if you remember some time after Michael's death there was a recall for Propofol due to manufacturing error by Teva and they are facing civil suits because of that manufacturing error. The 250 lawsuits are from 2008 and this is the info for that



this month one person won their lawsuit and Teva is required to pay $356 million to that person. However they are appealing the lawsuit saying that it was the hospital that misused the drug (giving it more than one person)..

That's why

for detailed info

http://abcnews.go.com/Business/wirestory?id=10769777&page=1

and I think we should move this to general discussion as I can't see the tie to MJ.


Thanks !!

[Eric]

inevitable. Michael is a world fan treasure. and perception is reality.
Why do you always try to post as if you are the riddler?

[Moonwalker.Fan]

Teva Pharmaceuticals Inc., an Irvine drug maker, laid off 70 workers last month after stopping production of an anesthetic that was tied to Michael Jackson's death last year, a company spokeswoman confirmed.

The company was not implicated in Jackson's death but was one of three drug makers that manufacture the powerful sedative Propofol.

The Los Angeles County Coroner found last year that Jackson's death was due to an overdose of Propofol, which his doctor said he administered to help Jackson sleep.

Teva advised the U.S. Food and Drug Administration in May that it would discontinue production of Propofol. Denise Bradley, a Teva spokeswoman, said at the time that the drug is hard to manufacture and the company gets little or no profit from it.

The company had to halt production last year and recall some Propofol after 41 patients fell ill with flu-like symptoms due to elevated endotoxin levels found in some vials of the sedative. The company also faces numerous lawsuits over the drug.

Bradley said Thursday the layoffs in Irvine were because the company had stopped production of the drug.

Teva is headquartered in Israel. The Irvine facility is the site of the former Sicor Inc., which Teva bought in 2003 for $3.4 billion.

http://www.ocregister.com/articles/jackson-261905-death-drug.html

[IvoryKeys]

Interesting article on the topic of American medicine.....but is it really in any relation to Michael? I don't see why they had to mention his name like that? Seemed kinda odd that they did at all.

[yaazgurl]

Its because how many people truly knew about propofol before MJ's death?

[yaazgurl]

Nevermind. Just saw Ivy's post.