Teva Announces End to Propofol Production; Drug Caused Michael Jackson’s Death
by MidnightTrader.com May 28, 2010 10:27 EDT Related Symbols: 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