Natco Pharma share price rises nearly 8% after marketing partner gets final US FDA approval

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Natco Pharma share price rose nearly 8 percent intraday on March 8 after the company's marketing partner received final approval from US FDA.

The company's marketing partner, Breckenridge Pharmaceutical Inc (BPI), has received final approval for its Abbreviated New Drug Application (ANDA) for Everolimus Tablets (generic for Afinitor) from the US Food and Drug Administration (USFDA), the company said in the press release.

NATCO's partner BPI plans to launch 2.5 mg, 5 mg and 7.5 mg strengths of the product shortly within the next few weeks.

The launch of 10 mg strength of the product is subject to confidential terms of a settlement and license agreement entered into with the owner of the Afinitor brand.

The launch date of the 10mg strength of the product will be announced at a later date.

The above strengths of Everolimus are indicated in the treatment of breast cancer and a few other types of cancers.

As per industry sales data, Afinitor and its therapeutic equivalents had generated annual sales of USD 712 million in USA during the twelve months ending December 2020.

At 10:14 hrs Natco Pharma was quoting at Rs 893.90, up Rs 60.10, or 7.21 percent on the BSE.

The share touched a 52-week high of Rs 996 and a 52-week low of Rs 402.55 on 07 December 2020 and 25 March 2020, respectively.

Currently, it is trading 10.25 percent below its 52-week high and 122.06 percent above its 52-week low.