Natco Pharma was locked at 5% upper circuit at Rs 1114.75 at 10:26 IST on BSE after the firm said that the Bombay High Court upheld the compulsory license granted to the company on Nexavar of Bayer's patented kidney cancer drug.
The announcement was made after market hours on Tuesday, 15 July 2014.
Meanwhile, the S&P BSE Sensex was up 89.94 points or 0.36% at 25,318.59.
On BSE, so far 623 shares were traded in the counter as against average daily volume of 21,000 shares in the past two weeks.
The stock opened with an upward gap surging by the maximum permissible level of 5% and remained locked at 5% level at Rs 1,114.75 so far in the day.
Natco Pharma said that the Bombay High Court upheld the compulsory license (CL) granted to the company on Nexavar (sorafenib tosylate) of German drug major Bayer's patented kidney cancer drug.
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The Nexavar issue dates back to 9 March 2012, when the then Controller General of Patents issued the first-ever CL to the company to manufacture an affordable generic version of sorafenib tosylate, the anti-cancer drug for which Bayer had obtained a patent.
Natco Pharma's consolidated net profit surged 112.2% to Rs 24.02 crore on 13.1% growth in net sales to Rs 177.86 crore in Q4 March 2014 over Q4 March 2013.
Natco Pharma manufactures generic dosage forms, bulk actives and intermediates for the Indian and international markets.
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