Astrazencea Pharma India has slipped 7% to Rs 1,460 in an otherwise firm market on reports that the Intellectual Property Appellate Board (IPAB) dismissed the company's appeal against refusal of patent for lung cancer drug Gefitinib.
“The IPAB has dismissed the appeal filed by AstraZeneca challenging an earlier order refusing patent protection for cancer drug Gefitinib, used in treatment of breast, lung and other cancers,” the report suggests.
Meanwhile, the pharmaceutical company has clarified that the Company has no information / announcement (including impending announcement) which in the company’s opinion may have a bearing on the price and/or significant increase in the volume of company’s shares across exchanges.
The stock had rallied 15% in past two trading sessions on market buzz that the company may delist its shares from Indian exchanges to fulfill the market regulator norms.
In order to increase its public share-holding to at least 25% by June 3, 2013, the prompter have to reduce their stake by 15% as per Sebi norms. The Sweden-based Astra Pharmaceuticals AB held 90% stake in its Indian arm as on September 30, 2012, the data shows.
The stock opened at Rs 1,525 and hit a low of Rs 1,444 on the NSE. A combined 35,265 shares have changed hands on the counter so far on both the exchanges.