Blow for Medeva

Blow for Medeva

Medeva suffered a blow yesterday with the revelation that Johnson Matthey has been granted registration with the US Drug Enforcement Administration as a bulk manufacturer of its best-selling hyperactivity drug, methylphenidate. Medeva had been the only generic maker of the controlled drug, which raised sales 89 per cent to £66m last year. JM, best known as a precious metals refiner, must still gain approvals from the US Food and Drug Administration. Medeva, which is in talks with Fisons, saw its shares sink 4p to 228p.