Perrigo seeks approval of generic Axiron

ALLEGAN, Mich. (AP) -- Perrigo Co. said Wednesday it is seeking approval for a generic version of Eli Lilly and Co.'s Axiron testosterone product, and is being sued by Lilly.

Axiron is an underarm gel that rolls on like deodorant, and Perrigo said the product has about $229 million in annual sales. Perrigo said it filed for marketing approval of a generic, and Eli Lilly and Acrux DDS PTY filed a lawsuit against the company on Friday in U.S. District Court for the Southern District of Indiana. Lilly is based in Indianapolis.

Axiron is a prescription treatment for low testosterone levels. It was launched in 2010.

Shares of Perrigo fell $1.31 to $117.94 in morning trading, and shares of Eli Lilly lost $1.04, or 2 percent, to $53.51.