Natco Pharma hits record high after IPAB dismisses AstraZeneca drug appeal

Intellectual Property Appellate Board dismissed AstraZeneca appeal on lung cancer drug Gefitinib.

Natco Pharma has surged 7% to Rs 448 on reports that the Intellectual Property Appellate Board (IPAB) dismissed AstraZeneca appeal on lung cancer drug Gefitinib.

“AstraZeneca's attempt to seek patent for Gefitinib was first turned down by the Indian Patent Office in 2007 on the grounds of known prior use, while accepting the pre-grant opposition by Hyderabad-based Natco Pharma, among others,” the Business Standard report suggests.

The annual sales of Gefitinib this year is expected to be in the range of Rs 60 crore to Rs 70 crore, according to industry estimates, added report.

Earlier this year, IPAB had rejected a petition of pharma major Bayer Corporation, seeking a stay on an order of the Controller of Patents, granting compulsory licence to Natco Pharma, a generic drug maker, for a drug used to treat liver and kidney cancer.

The stock opened at Rs 422 and hit a record high of Rs 468 on the BSE. A combined 371,956 shares have changed hands on the counter so far on both the exchanges.