Patent board rules against Bayers plea

In a significant order,the Intellectual Property Appellate Board IPAB has dismissed Bayer AGs petition against the compulsory licence

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In a significant order,the Intellectual Property Appellate Board IPAB has dismissed Bayer AGs petition against the compulsory licence CL granted to Natco Pharma for its kidney and liver cancer drug,Nexavar sorafenib tosylate. Hyderabad-based Natco Pharma was granted the countrys first CL by the Controller of Patents,Mumbai,in March 2012 for its generic version of Bayers patented kidney and liver cancer drug.

Although the petition was dismissed,the board ordered Natco Pharma to pay a royalty of 7 per cent on sales to Bayer,up from 6 per cent set earlier. The order could break the monopoly of global pharma giants on high-priced medicines.

The sequester effect

As the US deepens spending cuts 85 billion to reduce the countrys massive deficit over the next 10 years,sentiment in the Euro zone too fell sharply after an inconclusive election result in Italy,according to Sentix data. Shares in European bourses,the euro and oil prices fell on Monday as political stalemate in the US and Italy spooked investors. Back home,the global uncertainty has pushed down the benchmark stock indices.

Market

On Monday the BSE Sensex fell to near three-month low,down 40 points at 18877.96,as global risk aversion sparked broad-based selling in domestic blue chips. The broad-based National Stock Exchange Nifty lost 21.20 points,or 0.37,to close at 5,698.50.

Equity MFS

Diversified equity mutual funds posted their worst performance in more than a year in February,according to data from fund tracker Lipper. The weak performance comes as shares snapped a 3-month gaining streak in February after the Sensex hit a two-year high in January.

Rupee

The rupee hit a near two-month low at 54.86/87 per US dollar. The unit dropped earlier to a low of 55.15,the weakest since January 8. The weakness in the euro and domestic shares also hurt the rupee but good dollar selling by exporters and corporates helped it recover.

Corporates

Tata Motors cut prices of its hatchbacks and sedans by Rs 29,000-50,000 in a bid to lure customers to a market that is on course to post the first decline in annual sales in a decade. The company,however,raised prices of its SUVs by up to Rs 11,000.