Natco Pharma declined 2.51% to Rs 940.85 after a US District Court issued a decision in favour of Pharmacyclics, a subsidiary of Chicago-based AbbVie's Pharmacyclics LLC, the brand owner of Imbruvica in a PIV litigation involving the product.
Ibrutinib, sold under the brand name Imbruvica among others, is a cancer medicine that interferes with the growth and spread of cancer cells in the body. In the year 2018 NATCO and Alvogen, filed an Abbreviated New Drug Application (ANDA) with PIV certification for generic version of the product.
The company and its marketing partner in US for the product, Alvogen Pine Brook, USA, shall review the judgement and evaluate all options to appeal the judgement, Natco Pharma said. "We believe that we have a strong case and will continue to defend vigorously," it added.
On a consolidated basis, Natco Pharma's net profit dropped 38.6% to Rs 75 crore on 27.2% fall in net sales to Rs 410.30 crore in Q1 June 2021 over Q1 June 2020.
Natco Pharma manufactures a comprehensive range of branded and generic dosage forms, bulk actives and intermediates for both Indian as well as International markets.
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