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PARSIPPANY, N.J. — Watson Pharmaceuticals has launched a low-dose chewable contraceptive, the company said Monday.

Watson announced the U.S. commercial launch of Generess Fe (norethindrone and ethinyl estradiol chewable tablets, and ferrous fumarate chewable tablets) in the 0.8-mg/25-mcg strength.

JERUSALEM — Cephalon has another suitor in the form of the world’s largest generic drug company.

Teva Pharmaceutical Industries said Monday that it would buy Frazer, Pa.-based Cephalon for $6.8 billion, undercutting efforts by Valeant Pharmaceuticals International, which had offered $5.7 billion in March.

The boards of both companies have agreed to the acquisition, equal to $81.50 per share. Cephalon previously had turned down Valeant’s offer, prompting the Mississauga, Ontario-based company to take its case directly to Cephalon’s shareholders.

ABBOTT PARK, Ill. — The Food and Drug Administration has approved a treatment made by Abbott for low testosterone in men, the drug maker said Friday.

Abbott announced the approval of AndroGel (testosterone gel) in the 1.62% strength, a clear, odorless topical gel for men with hypogonadism. The company already markets AndroGel in the 1% strength.

The new gel contains 40.5 mg of testosterone in two pump presses, while AndroGel 1% contains 50 mg in four pump presses, but the company said the two were not interchangeable.

SILVER SPRING, Md. — The Food and Drug Administration has approved a new treatment for Type 2 diabetes, the agency said Monday.

The FDA announced the approval of Tradjenta (linagliptin), made by Indianapolis-based Eli Lilly and German drug maker Boehringer Ingelheim.

“This approval provides another treatment option for the millions of Americans with Type 2 diabetes,” FDA Division of Metabolism and Endocrinology Products director Mary Parks said. “It is effective when used alone or when added to existing treatment regimens.”

HORSHAM, Pa. — The Food and Drug Administration has approved a new treatment for prostate cancer made by Johnson & Johnson.

Centocor Ortho Biotech, J&J’s biotech subsidiary, announced Thursday the approval of Zytiga (abiraterone acetate), a daily pill for use in combination with the corticosteroid prednisone for treating castration-resistant prostate cancer that has spread to other parts of the body in men who have received prior chemotherapy with Sanofi-Aventis’ Taxotere (docetaxel).

MONTVILLE, N.J. — Bayer HealthCare Pharmaceuticals and the World Federation of Hemophilia announced Thursday a three-year extension of Bayer’s sponsorship agreement with the WFH.

The agreement calls for Bayer to serve as the sole sponsor of the WFH’s International Hemophilia Training Centre program and provide support for other activities of the organiztion, such as its website and Congress. The program trains healthcare professionals in developing countries in diagnosis and management of hemophilia and related bleeding disorders.

WHITEHOUSE STATION, N.J. — Merck has cleared a hurdle in its effort to buy eye care company Inspire Pharmaceuticals for $430 million, the company said Thursday.

The expiration of the waiting period mandated by the Hart-Scott-Rodino Antitrust Improvements Act of 1976 brings Merck one step closer to acquiring Inspire.

Merck announced its intention to buy Raleigh, N.C.-based Inspire for $5 per share on April 15.

INDIANAPOLIS — Drug maker Eli Lilly will get at least two more years of patent exclusivity on a drug used to treat depression, anxiety and pain resulting from diabetic neuropathy and fibromyalgia, thanks to a court order issued Wednesday.

The U.S. District Court for the Southern District of Indiana ruled to forbid Wockhardt and other generic drug companies from selling generic versions of Cymbalta (duloxetine hydrochloride) until patent protection expires, which is expected to occur in June 2013.