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Lannett Co. said Friday it received Food and Drug Administration approval for a generic version of GlaxoSmithKline's Zofran.
The drug is used as a treatment for nausea caused by chemotherapy and to prevent postoperative nausea. It had sales of about $58 million in 2009, Lannett said.
Lannett did not disclose a launch date for the generic version in a statement.
Shares of Lannett rose 35 cents, or 7.2 percent, to $5.24 in afternoon trading. The stock has traded between $4.10 and $9.74 over the last 52 weeks.
Glaxo shares slid 30 cents to $39.27.