Natco Pharma rose 4.10% to Rs 993.45 at 10:25 IST on BSE, extending yesterday's 20% rise triggered by Mylan receiving US drug regulator's approval for generic version of Copaxone.
Meanwhile, the S&P BSE Sensex was up 48.65 points, or 0.15% to 31,720.36.On the BSE, 1.67 lakh shares were traded in the counter so far, compared with average daily volumes of 60,127 shares in the past one quarter. The stock had hit a high of Rs 1,049.75 and a low of Rs 988.60 so far during the day. The stock hit a record high of Rs 1,080 on 9 June 2017. The stock hit a 52-week low of Rs 495 on 9 November 2016.
The stock had outperformed the market over the past one month till 4 October 2017, rising 35.47% compared with 0.43% decline in the Sensex. The scrip had underperformed the market in past one quarter, falling 5.02% as against Sensex's 0.96% rise. The scrip had outperformed the market in past one year, rising 57.99% as against Sensex's 12.23% rise.
The large-cap company has equity capital of Rs 34.86 crore. Face value per share is Rs 2.
The US Food and Drug Administration (USFDA) approved Natco Pharma's marketing partner Mylan's Abbreviated New Drug Applications (ANDAs) for Glatiramer Acetate 40 mg/mL and 20 mg/mL injection, an AP-rated, substitutable generic version of Teva's Copaxone, Natco Pharma said in a statement.
The drug is indicated for the treatment of patients with relapsing forms of multiple sclerosis (MS), a chronic inflammatory disease of the central nervous system. The launch plans for both products will be communicated shortly after concurring with its partner Mylan.
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Copaxone is the most prescribed MS treatment for relapsing forms of MS in the United States with brand sales for the 20 mg/mL dose of approximately $700 million and for the 40 mg/mL dose of approximately $3.64 billion for the 12 months ending 31 July 2017, according to Quintiles IMS. Approximately 400,000 individuals in the US have MS and relapsing MS accounts for 85% of initial MS diagnoses.
The announcement was made during trading hours yesterday, 4 October 2017. Shares of Natco Pharma hit an upper circuit limit of 20% to settle at Rs 954.35 yesterday, 4 October 2017. The stock has risen 24.92% in two sessions from its close of Rs 795.30 on 3 October 2017.
Natco Pharma's consolidated net profit spurted 97.1% to Rs 94 crore on 31.6% increase in net sales to Rs 428.10 crore in Q1 June 2017 over Q1 June 2016.
Natco Pharma manufactures generic dosage forms, bulk actives and intermediates for the Indian and international markets.
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