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news.Barr Pharmaceuticals has won final approval from the FDA for its application to manufacture and market a generic version of Pfizer's Xanax XR, which is indicated for the treatment of panic disorder, with or without agoraphobia.
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Barr’s Alprazolam extended-release tablets will compete in a market that had total annual sales of approximately $83 million for the 12 months ending May 2006, according to data cited by the company.
Barr is currently locked in a battle with Iceland’s Actavis for control of the Croatian generics company Pliva. The proposed deal is part of a general trend of consolidation in the generics sector. If the deal goes ahead, it would create the third-largest generic pharmaceutical company in the world.
Barr, which remains favorite to win Pliva with a bid of approximately $2.4 billion, recently announced that it has officially filed a tender offer with the Croatian Financial Services Supervisory Agency (HANFA) to purchase 100% of the shares of Pliva.