Novartis India has dipped almost 7% to Rs 558, also its 52-week low on BSE, after the Supreme Court has denies cancer drug patent to the company.
The stock opened at Rs 599 and hit a high of Rs 605 in early morning deals. As many as around 64,000 shares have already changed hands on the counter so far against an average sub 6,000 shares that were traded daily in past two weeks on BSE.
“Supreme Court rules Novartis’s Gleevec, a drug for leukaemia and other cancers, isn’t eligible for patent in India,” the Bloomberg report suggests.
Two-judge panel of Aftab Alam and Ranjana Prakash upholds Indian regulatory rulings that the drug wasn’t sufficiently innovative to merit patent, added report.
Norvatis approached the Supreme Court after India’s Comptroller General of Patent and Design had rejected its patent for the blood cancer drug Glivec in 2006. The drug is patented in 40 countries, including China and Russia.
Meanwhile, Natco Pharma has surged as much as 11% to Rs 475 on BSE after the verdict. Last year, India granted compulsory licence to domestic drug maker Natco Pharma, allowing it to sell generic version of Bayer AG's anti-cancer drug Nexavar at a lower price.
The stock opened at Rs 599 and hit a high of Rs 605 in early morning deals. As many as around 64,000 shares have already changed hands on the counter so far against an average sub 6,000 shares that were traded daily in past two weeks on BSE.
“Supreme Court rules Novartis’s Gleevec, a drug for leukaemia and other cancers, isn’t eligible for patent in India,” the Bloomberg report suggests.
Two-judge panel of Aftab Alam and Ranjana Prakash upholds Indian regulatory rulings that the drug wasn’t sufficiently innovative to merit patent, added report.
Norvatis approached the Supreme Court after India’s Comptroller General of Patent and Design had rejected its patent for the blood cancer drug Glivec in 2006. The drug is patented in 40 countries, including China and Russia.
Meanwhile, Natco Pharma has surged as much as 11% to Rs 475 on BSE after the verdict. Last year, India granted compulsory licence to domestic drug maker Natco Pharma, allowing it to sell generic version of Bayer AG's anti-cancer drug Nexavar at a lower price.