Mallinckrodt (MNK -16.5%) is down on 50% higher volume in apparent reaction to FDA approval for Praxair's (PX -2.2%) Noxivent, a generic version of INOMAX (nitric oxide), the company's #2 seller behind H.P. Acthar Gel.
INOMAX generated almost 21% of the company's Q2 sales ($131.0M/631.7M).
Update: In a note, Stifel's Annabel Samimy says the selling is overdone considering that Praxair's offering cannot be interchanged with MNK's nitric oxide used in Inomax. Praxair is still waiting for FDA clearance for its delivery system which, when it occurs, will represent another branded competitor, however.
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