Covidien launches pain and osteoarthritis drugs

NEW YORK

Covidien PLC said Monday it began selling the chronic pain drug Exalgo and the osteoarthritis drug Pennsaid, both of which were recently approved by U.S. regulators.

Exalgo is an extended-release pain drug that was approved by the Food and Drug Administration on March 1. Covidien said it is selling 8-milligram, 12-milligram and 16-milligram doses. The Irish company also said it launched Pennsaid, a topical anti-inflammatory drug that is not a steroid.

Covidien licensed Exalgo from CombinatoRx, the company that developed the drug. CombinatoRx stock rose 3 cents, or 2.2 percent, to $1.38 in afternoon trading.

Covidien shares slipped 86 cents to $48.33.