FDA Blocks Teva’s Drug Sales

According to a statement released by U.S. federal regulators, Teva Pharmaceuticals will be unable to sell any of its veterinary drugs until it manages to sort out several manufacturing problems. In order to be able to sell the products from its animal health unit once again, Teva will have to win the FDA’s approval after several inspections.

The move came after the FDA found enough manufacturing violations during inspections dating as far back as 2007 to justify closing down Teva’s facilities. After the news broke, Teva’s shares fell to $53 from $53.34, marking a slight fall for the largest American manufacturer of generic animal drugs.

Teva released a statement apologizing for its violations and promising that the pharmaceutical company would quickly fix all of the errors. In order to meet FDA standards once again, Teva will retrain the employees in the affected unit, analyze each of the products that it manufactures, and do its own inspection of its equipment and procedures.

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