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Tuesday, July 30, 2013
Natco Pharma touched 52 weeks high on obtaining favorable ruling on Copaxone
Natco Pharma (V C Nannapaneni,Chairman and Managing Director) was locked at 20% upper circuit at Rs 588.10 at 14:11 IST on BSE after the US Court of Appeals for the Federal Circuit ruling, reversed a district court's finding related to Teva's US Patent for Copaxone.
The announcement was made during trading hours today, 29 July 2013.
Meanwhile, the S&P BSE Sensex was down 153.84 points or 0.78% at 19,594.35
On BSE, 16,789 shares were traded on the counter with pending buy orders of 35,896 shares at upper circuit. The stock has an average daily volume of 14,680 shares in the past one quarter.
The stock hit a record high of Rs 588.10 in intraday trade today, 29 July 2013. The stock hit a low of Rs 540 so far during the day. The stock had hit a 52-week low of Rs 340 on 30 July 2012.
The stock had outperformed the market over the past one month till 26 July 2013, rising 11.79% compared with the Sensex's 6.45% rise. The scrip had outperformed the market in past one quarter, gaining 10.23% as against Sensex's 2.39% rise.
The small-cap company has equity capital of Rs 31.37 crore. Face value per share is Rs 10.
atco Pharma said that the US Court of Appeals for the Federal Circuit ruling has reversed a district court's finding related to Teva's US Patent for Copaxone. This would essentially mean that Natco could launch the generic Copaxone through its marketing partner Mylan Inc., during May 2014, subject to FDA approval, the company said.
Copaxone (Glatiramer Acetate) is used in the treatment of relapsing-remitting multiple sclerosis. The product is estimated to have clocked revenues, in USA, of about $3.45 billion during 2012.