Natco Pharma up 20%, hits 52-week high on favourable ruling on Copaxone in US

NEW DELHI: Natco Pharma Ltd surged 20 per cent to hit its 52-week high of Rs 588.10 on the Bombay Stock Exchange, after the drug firm said it has obtained a favourable ruling from a US Court that paves way for the launch of generic Copaxone used for treating multiple sclerosis during May 2014.

At 1:05 p.m.; Natco Pharma was locked in at upper circuit at Rs 588.10, up 20 per cent. The stock hit a low of Rs 540 in trade today.

"The company is pleased to announce the US Court of Appeals for the Federal Circuit ruling, reversing a district court's finding related to Teva's US Patent for Copaxone," Natco Pharma said in a filing to BSE.

This would mean that Natco could launch the generic Copaxone through its marketing partner Mylan Inc, during May 2014, subject to Food and Drug Administration (FDA) approval, it added.

“Copaxone (Glatiramer Acetate) is used in the treatment of relapsing-remitting multiple sclerosis,” PTI said in a report.

“The product is estimated to have clocked revenues of about USD 3.45 billion during 2012 in US market,” it added.