Natco Pharma at record high, jumps 8% on US court ruling

Moneycontrol Bureau

Shares of Natco Pharma gained of 8 percent, touching a record high of Rs 826 intraday on Thursday. Investors are bullish on the stock as US Supreme Court rejected Teva stay request in Copaxone case.

A US Supreme Court justice declined a request from Teva for a stay of an appeals court ruling that would strip the company's USD 4 billion-a-year multiple sclerosis drug Copaxone of patent protection in 2014, rather than in 2015.

In July, the US Court of Appeals for the Federal Circuit issued a decision in a patent fight that pits Teva against two teams developing cheaper generic forms of Copaxone: one with Novartis AG and Momenta Pharmaceuticals and another between Mylan and Natco Pharma.

At 12:13 hrs, the stock was quoting at Rs 813.00, up Rs 51.15, or 6.71 percent on the BSE.

(With inputs from Reuters)