HEALTH

New Version of Seldane OKd: Hay fever sufferers who abandoned the popular antihistamine because of potentially deadly side effects will soon be able to buy a new, safer version. The Food and Drug Administration approved the new version--to be called Allegra--a decision that could shake up the highly competitive, $1-billion market for allergy drugs. The approval prompted shares of Marlborough, Mass.-based Sepracor Inc., which originated the product, to soar while Madison, N.J.-based Schering-Plough Corp., maker of Seldane’s main competitor, Claritin, fell. Seldane, introduced in 1985, was the first drug that relieved the sneezing, watery eyes and runny nose of seasonal allergies without causing the drowsiness that kept some people from driving or even going to work. Sepracor shares rose $2.50 to $14 on Nasdaq and Schering fell $1.375 to $55.875 on the New York Stock Exchange.