Natco Pharma surges as US court allows Generic Copaxone launch

Natco Pharma has surged 8% to Rs 769 after the company said the US Supreme Court on Friday rejected Teva’s application for an injunction seeking to prevent the launch of generic version of Copaxone pending the Supreme Court’s decision on Teva’s appeal.

This is the second time that the Chief Justice has denied Teva’s request for such an injunction, Natco Pharma said in a press release.

The decision could help pave the way for Natco to launch a generic version of Teva's Copaxone drug as soon as next month.

Natco and Teva had been embroiled in a patent fight over the top-selling multiple sclerosis drug Copaxone. Teva’s Copaxone is indicated for the treatment of multiple sclerosis and had registered revenue of $4.2 billion in the US during 2013.

Teva’s Copaxone patents expiring in September 2015 were held invalid by a US court in July 2013, making generic entry possible in May this year when the remaining patents expire.

The stock opened at Rs 770 and touched a high of Rs 808 on the BSE. A combined 430,000 shares changed hands on the counter so far on the BSE and NSE.

Story Source: The above story is based on materials provided by BUSINESS STANDARD

Note: Materials may be edited for content and length

Click here to read