Shares of Natco Pharma locked at 20 percent upper circuit on the back of USFDA approval for Glatiramer Acetate Injection.
The company's marketing partner Mylan's has received US Food and Drug Administration (FDA) approval for Glatiramer Acetate Injection in strengths of 40 mg/mL and 20 mg/mL.
The 40 mg and 20 mg strengths injections are an AP-rated, substitutable generic version of Teva's Copaxone.
The drugs are indicated for the treatment of patients with relapsing forms of multiple sclerosis (MS), a chronic inflammatory disease of the central nervous system.
The launching plan for both the products will be communicated after concurring with its partner Mylan, said company.
According to Quintiles IMS, Copaxone is the most prescribed MS treatment for relapsing forms of MS in the United States.
The sales for the 20 mg/mL dose was approximately USD 700 million and for the 40 mg/mL dose was approximately USD 3.64 billion for the 12 months ending July 31, 2017, Quintiles IMS added.
A brokerage house Haitong has maintained buy rating on the stock with a target of Rs 1150.
The near-term catalysts include Hepatitis C franchise in India or rest of the world along with launch of gCopaxone, said brokerage house.
The firm projects PAT CAGR of 28 percent over three years.
At 09:23 hrs Natco Pharma was quoting at Rs 954.35, up Rs 159.05, or 20 percent on the BSE.
There were pending buy orders of 265,323 shares, with no sellers available.
The share touched its 52-week high Rs 1,080 and 52-week low Rs 611.20 on 09 June, 2017 and 09 November, 2016, respectively.
Posted by Rakesh Patil
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