Natco Pharma falls 5% post US court order

The dipped 5% to Rs 1,436 on National Stock Exchange.

Shares of pharmaceutical company Natco Pharma has slipped 5% to Rs 1,436 on National Stock Exchange (NSE) on reports that the U.S. Supreme Court ruled in favor of Teva over patent for multiple sclerosis drug.

“The U.S. Supreme Court on Tuesday ruled that Teva Pharmaceutical Industries Ltd can still benefit from patent protection for top-selling multiple sclerosis drug Copaxone, dealing a blow to generic drugmakers looking to market a cheaper rival product,” a Reuters report said.

The high court's ruling is a loss for generic companies Mylan Inc, Momenta Pharmaceuticals Inc, Natco Pharma Ltd and Sandoz, Inc.

Two teams are developing generic forms of Copaxone: one involving Novartis AG's Sandoz unit and Momenta Pharmaceuticals Inc and another involving Mylan Inc and Natco Pharma Ltd, added report.

The stock opened at Rs 1,456 and hit a low of Rs 1,402 on NSE. Till 1002 hours, a combined 146,138 shares changed hands on the counter on NSE and BSE.