Natco hits the roof

After a spate of pharma companies announcing issues from US FDA, the news from Natco Pharma brings a lot of cheer. The stock had closed at Rs.490.10 on Friday and today it opened at Rs.540, 20% up, hitting the upper ciruit and a new 52-week high. Over 45,000 pending buy orders remained on the counter.

The stock hit the roof after it issued a statement that the US Court of Appeals for the Federal Circuit ruling, reversed a district court’s finding related to Teva’s US patent for Copaxone. This ruling means that Natco will now be able to launch the generic Copaxone through its marketing partner, Mylan Inc, during May 2014, subject to FDA approval. Copaxone is used in treatment of multiple sclerosis.