AstraZeneca stock rallies as patent plea for cancer drug rejected

MUMBAI: Shares of AstraZeneca were witnessing selling pressure on reports that’s its patent plea on anti-cancer drug Gefitinib were rejected.

On Monday, the Intellectual Property Appellate Board ruled the molecule from the British company lacked invention, marking the third time it has been rebuffed over the anti-lung cancer drug.

"We are disappointed by the Intellectual Property Appellate Board's decision. We are confident in the validity of the claims in this patent application and are now evaluating our next step," an AstraZeneca representative said to ET.

At 11:10 a.m.; the stock was at Rs 1,493.55, down 4.57 per cent, on the BSE. It touched a high of Rs 1,525 and a low of Rs 1,449.50 in trade today.