Natco Pharma extends gain; stock up another 4.5%

The gains came after US partner files ANDA for Everolimus

Natco Pharma surged over 4.5% to Rs 1,505 on news that its marketing partner in the US Breckenridge Pharmaceutical Inc (BPI) has filed an Abbreviated New Drug Application (ANDA) for Everolimus 0.25mg, 0.5mg, and 0.75mg Tablets.

"Natco and BPI believe that its Paragraph IV ANDA was filed on the First-to-File date and expects to be the only generic that is entitled to the 180-day exclusivity period," city-based Natco said in a filing with bourses.

The drug which is used to prevent organ rejection after a kidney or liver transplant, generated sales of USD 43.5 million for the twelve-month period ending July 2014, based on industry sales data, Natco said.

The stock opened at Rs 1,475 and hit a high of Rs 1,510 on the BSE. The volume spurted over three times in trades till 1200 hrs.