Natco Pharma rose 1.65% to Rs 573.95 at 15:05 IST on BSE after the company said that along with its US partner, Allergan, the company has settled its pending litigation in the US with Celgene, regarding generic, Lenalidomide.
The company made the announcement during market hours today, 23 December 2015.
Meanwhile, the BSE Sensex was up 265.46 points, or 1.05%, to 25,859.70.
On BSE, so far 31,268 shares were traded in the counter, compared with an average volume of 26,504 shares in the past one quarter.
The stock hit a high of Rs 579 and a low of Rs 568 so far during the day. The stock hit a record high of Rs 598 on 26 November 2015. The stock hit a 52-week low of Rs 265.98 on 26 February 2015.
The stock had outperformed the market over the past one month till 22 December 2015, surging 9.15% compared with Sensex's 1.07% fall. The scrip had also outperformed the market in past one quarter, advancing 25.73% as against Sensex's 0.24% fall.
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The large-cap company has an equity capital of Rs 34.83 crore. Face value per share is Rs 2.
Celgene has agreed to provide Natco with a license to Celgene's patents required to manufacture and sell an unlimited quantity of generic, Lenalidomide in the United States beginning from 31 January 2026. In addition, Natco will receive a volume-limited license to sell generic Lenalidomide in the United States commencing in March 2022. The volume limit is expected to be a mid-single-digit percentage of the total Lenalidomide capsules dispensed in the United States during the first full year of entry. The volume limitation is expected to increase gradually each 12 months until March of 2025, and is not expected to exceed one-third of the total Lenalidomide capsules dispensed in the US in the final year of the volume-limited license under this agreement. Lenalidomide is a generic version of REVLIMID. REVLIMID had recorded sales of nearly $3.4 billion in the US market for the year ended September 2015.
On a consolidated basis, net profit of Natco Pharma declined 8.6% to Rs 29.57 crore on 7.8% rise in net sales to Rs 229.18 crore in Q2 September 2015 over Q2 September 2014.
Natco Pharma manufactures generic dosage forms, bulk actives and intermediates for the Indian and international markets.
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