Business briefing: FDA approves generic copies of Lyrica

The U.S. Food and Drug Administration has approved the first generic copies of a popular, pricey pill for nerve pain. The agency on Monday said it approved nine generic versions of Pfizer Inc.'s Lyrica. It is also used for seizures and fibromyalgia, a condition that causes chronic, widespread pain. Lyrica, approved in 2004, is Pfizer's second bestseller, with sales last year of $4.6 billion. The heavily advertised drug costs about $460 to $720 per month without insurance, depending on the pharmacy. Prices can vary widely. Prices for generic versions range from about $140 to $370 per month, according to the drug price comparison site GoodRx.

Tofurky Co., which produces plant-based alternatives to meat, filed a lawsuit in federal court Monday claiming an Arkansas law that bans the use of "meat" in the labeling of its products violates free speech rights. The ACLU filed the lawsuit on behalf of the Oregon-based company against Arkansas' Bureau of Standards. Tofurky produces tofu, quinoa and other plant-based "sausages," deli slices and burgers. The stated goal of the Arkansas law set to take effect Wednesday is to "require truth in labeling." It would fine companies up to $1,000 for each violation. It also bans companies from labeling other vegetables, such as cauliflower, as "rice." Arkansas is the nation's top rice producer.

Volvo Cars is recalling about half a million cars worldwide because of a faulty engine component that may in extreme cases cause a vehicle to catch a fire. The Swedish carmaker said Monday the affected cars are two-liter, four-cylinder diesel engines manufactured between 2014 and 2019 in the following models: S60, S80, S90, V40, V60, V70, V90, XC60 and XC90. Volvo said the engine inlet manifold is made of plastic and could melt due to temperature changes. Spokesman Stefan Elfstrom told Swedish news agency TT the company has noticed in its investigations that "it has led to a car fire in a few cases."

German pharmaceutical and chemical company Bayer AG said U.S. investment firm Yellow Wood Partners will buy its Dr. Scholl's foot-care business for $585 million. Bayer said Monday that the sale will enable it to "focus on building its core over-the-counter brands." It said that Yellow Wood Partners, based in Boston, will create a stand-alone company and plans to invest in all aspects of the business.