Thursday, November 14, 2013

Natco Pharma at record high, jumps 8% on US court ruling

US Supreme Court justice declined a request from Teva for a stay of an appeals court ruling that would strip the company's USD 4 billion-a-year multiple sclerosis drug Copaxone of patent protection in 2014, rather than in 2015.

Shares of Natco Pharma ( Rajeev Nannapaneni, CEO) gained of 8 percent, touching a record high of Rs 826 intraday on Thursday. Investors are bullish on the stock as US Supreme Court rejected Teva stay request in Copaxone case. A US Supreme Court justice declined a request from Teva for a stay of an appeals court ruling that would strip the company's USD 4 billion-a-year multiple sclerosis drug Copaxone of patent protection in 2014, rather than in 2015. 

In July, the US Court of Appeals for the Federal Circuit issued a decision in a patent fight that pits Teva against two teams developing cheaper generic forms of Copaxone: one with Novartis AG and Momenta Pharmaceuticals and another between Mylan and Natco Pharma.

In NSE This stock closes at Rs.792.20 with a gain of Rs.30.80 (4.05%)

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