Natco extends gains on US court ruling over generic Copaxone

US Supreme Court ruling paved the way to launch generic version of Teva's Copaxone

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Shares of Natco Pharma extended gains for the third straight session rising 10% to Rs 850 after a US Supreme Court ruling paved the way for the company to launch the generic version of Teva's Copaxone.

The US Supreme Court Chief Justice Roberts has denied Teva's application for an injunction seeking to prevent launch of a generic version of Copaxone® pending the Supreme Court's decision on Teva's appeal, Natco Pharma said in a release on Monday.

Natco and Teva had been embroiled in a patent fight over the top-selling multiple sclerosis drug Copaxone. Teva’s Copaxone is indicated for the treatment of multiple sclerosis and had registered revenue of $4.2 billion in the US during 2013.

Teva’s Copaxone patents expiring in September 2015 were held invalid by a US court in July 2013, making generic entry possible in May this year when the remaining patents expire.

The stock had opened at Rs 780 and touched a high of Rs 866.90 on the BSE so far. over 565,000 shares were traded on both the stock exchanges so far.