Natco Pharma surged 3.4% to Rs 1243.30 at 10:29 IST on BSE after the company said that its marketing partner in US, Mylan Inc. has filed an ANDA for a three-times-a-week generic Copaxone.
The announcement was made on Saturday, 30 August 2014.
Meanwhile, the S&P BSE Sensex was up 187.71 points or 0.7% at 26,825.82.
On BSE, so far 3,401 shares were traded in the counter as against average daily volume of 19,397 shares in the past one quarter.
The stock hit a high of Rs 1,262.55 so far during the day, which is a record high for the counter. The stock hit a low of Rs 1,233 so far during the day. The stock had hit a 52-week low of Rs 545.55 on 28 August 2013.
The stock had outperformed the market over the past one month till 28 August 2014, jumping 10.13% compared with Sensex's 2.49% rise. The scrip had also outperformed the market in past one quarter, advancing 57.94% as against Sensex's 8.48% rise.
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The mid-cap company has equity capital of Rs 33.07 crore. Face value per share is Rs 10.
Copaxone is indicated for the treatment of patients with relapsing forms of multiple sclerosis (MS).
Natco's partner Mylan believes it is one of the first companies to have filed a substantially complete abbreviated new drug application (ANDA) containing a Paragragh IV certification for this product and expects to be eligible for 180 days of marketing exclusivity in the US upon final Food and Drug Administration (FDA) approval, Natco Pharma said in a statement.
In North America, Copaxone is marketed by Teva Neuroscience, Inc., which is a subsidiary of Teva. Copaxone 40 mg/ml had US sales of approximately $411.5 million for the 12 months ended 30 June 2014, according to IMS Health, Natco Pharma said in a statement.
Natco Pharma's consolidated net profit jumped 53.6% to Rs 33.46 crore on 18.2% growth in net sales to Rs 194.56 crore in Q1 June 2014 over Q1 June 2013.
Natco Pharma manufactures generic dosage forms, bulk actives and intermediates for the Indian and international markets.
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