Approval for Generic Effexor XR

Mylan Inc. said Thursday it received Food and Drug Administration approval for a generic version of Pfizer Inc.'s antidepressant Effexor XR. The company said it is now launching the generic as part of an agreement with Wyeth, which marketed Effexor XR and was later acquired by Pfizer. Mylan said it received approval for Effexor XR capsules in doses of 37.5 milligrams, 75 milligrams, and 150 milligrams. Teva Pharmaceutical Industries Ltd. started selling a generic version of Effexor XR, or extended-release venlafaxine, in July 2010. Mylan said U.S. sales of venlafaxine capsules totaled $2.3 billion in the 12 months ended March 31. Mylan shares fell 17 cents to $23.04 in afternoon trading.