Natco loses Teva case,shares tank 6%

It finally settled at Rs 350.60,down 5.97 per cent.

On the NSE,the stock plunged 6.22 per cent to Rs 350.70 In terms of volume,2.13 lakh shares of the company changed hands on the BSE,while over 6 lakh shares were traded on the NSE.

The US District Court of Southern District of New York has upheld the contention of Teva Pharmaceuticals that Natco Pharma’s abbreviated new drug application (ANDA) for the generic version of Copaxone infringes all the asserted claims of Teva Pharmaceuticals,the Hyderabad-based firm said in a statement.

“While the company has not yet had the opportunity to review the court’s decision,it will fully investigate all available options once the court full opinion becomes available,” it said.

Natco along with its partner Mylan Inc had filed ANDA with the US Food and Drug Administration in June 2008 seeking approval for marketing generic version of Copaxone. It had also obtained a Para IV certification,which essentially challenged the existing patents held by Teva.

Meanwhile,in the stock market the BSE benchmark Sensex ended at 16,882.16,down 90.35 points.

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