Natco Pharma has tanked over 10% at Rs 335 in moring trades after the company said US District Court for the Southern District of New York has upheld the contention of Teva Pharmaceuticals that the company’s abbreviated new drug application for generic version of Copaxone infringes all the asserted claims of Teva Pharmaceuticals.
“A U.S. District Court judge on Friday rejected challenges to the Copaxone patents. Teva, which itself has battled the world's top drug makers' patents, believes a generic version of Copaxone will not be allowed to be sold until after the last patent expires on September 1, 2015,” a Reuters report suggests.
“The company is disappointed in the Court’s decision, while the company has not yet had the opportunity to review the Court’s opinion, it will fully investigate all available options for appeal once the Court’s full opinion becomes available,” Natco Pharma said in a filing.
The stock opened at Rs 374 and hit a two-month low of Rs 335 on the National Stock Exchange. A combined 360,535 shares have changed hands on the counter so far on both the exchanges.