UPDATE 1-Teva sues Mylan alleging Copaxone patent infringement

* Teva says patents extend through May 24, 2014

* Teva sues Mylan, a Mylan unit and Natco Pharma

Oct 16 (Reuters) - Generic drugmaker Teva Pharmaceutical Industries Ltd (TEVA.TA) (TEVA.O) sued rival Mylan Inc (MYL.O), alleging that Mylan's application to market a copycat version of Teva's multiple sclerosis drug Copaxone was infringing certain patents.

The company said Mylan's application relates to Teva's U.S. patents -- which cover the chemical composition of the blockbuster drug, pharmaceutical compositions containing it, and methods of using it.

The patents were listed in the U.S. Food and Drug Administration's Orange Book and extend through May 24, 2014, Teva said in a statement.

The lawsuit, filed in the U.S. District Court for the Southern District of New York, would restrict approval of Mylan's generic version of drug for up to 30 months or until a court ruling in favor of Mylan, whichever occurs first.

Last month, the U.S. regulators had accepted for review Mylan's application to market a generic Copaxone, scientifically known as glatiramer acetate.

Mylan in June 2008 signaled its intent to sell generic Copaxone when it announced a supply deal with India's Natco Pharma Ltd (NATP.BO).

Shares of Teva closed at $50.30 Friday on Nasdaq, while Mylan shares closed at $16.67. (Reporting by Esha Dey in Bangalore; Editing by Aradhana Aravindan)