Natco Pharma rallies on winning cancer drug case
The Intellectual Property Appellate Board has upheld the Compulsory License issued by the Controller of Patent to produce and market Nexavar.
Natco Pharma has rallied almost 6% to Rs 450 in opening deals after the Hyderabad-based company won a cancer drug case against multinational pharma major Bayer Corporation.
“The Intellectual Property Appellate Board (IPAB) has upheld the Compulsory License (CL) issued by the Controller of Patent to produce and market Nexavar, a patented cancer drug of multinational pharma major Bayer Corporation,” the Business Standard report suggests.
“The Appellate Board however made changes in the CL order to the extend that the royalty payment to Bayer has been increased from 6% to 7%. The Board also imposed a penalty on Natco for submitting false statement,” added report.
The order will pave the way for reduction in the prices of costly life saving drugs.The stock opened at Rs 449 and touched high of Rs 475 on NSE. A combined around 18,000 shares have changed hands on the counter in opening deals.
“The Intellectual Property Appellate Board (IPAB) has upheld the Compulsory License (CL) issued by the Controller of Patent to produce and market Nexavar, a patented cancer drug of multinational pharma major Bayer Corporation,” the Business Standard report suggests.
“The Appellate Board however made changes in the CL order to the extend that the royalty payment to Bayer has been increased from 6% to 7%. The Board also imposed a penalty on Natco for submitting false statement,” added report.
The order will pave the way for reduction in the prices of costly life saving drugs.The stock opened at Rs 449 and touched high of Rs 475 on NSE. A combined around 18,000 shares have changed hands on the counter in opening deals.