Natco Pharma plunges after NY court verdict

MUMBAI: Shares of Natco Pharma are witnessing selling pressure after a New York court ruled in favour of Teva in a patent case against the company.

Teva had opposed the generic versions of Copaxone, a drug used for the treatment of multiple sclerosis, and filed cases against Momenta Pharmaceuticals, Mylan and Natco.

Teva will be able to continue with the patent until 2014. The company garnered $3.6 billion from the sale of Copaxone last year.

According to analysts, Natco had pinned its hopes on a positive outcome. The ruling will effectively prevent any launch before the patent expiry, and Natco is likely to appeal it.

The stock was at Rs 353, down 5.32 percent, on the Bombay Stock Exchange. It has touched a high of Rs 365 and a low of Rs 335 today.