Natco Pharma fell 4.71% to Rs 1110 after the Delhi High Court allowed interim injunction application against company that was filed by FMC Corporation on CTPR (Chlorantraniliprole).
The generic drug maker was engaged in a legal battle with California-based agriculture sciences company FMC over the use of an insecticide CTPR that is used in several crops.
Natco Pharma had filed a suit for declaration of freedom to use of CTPR, at the City Civil Court, Hyderabad, in the month of September 2019. FMC had counter-sued before the Delhi High Court, in November 2019, claiming patent infringement.
In February this year, Natco had received approval of registration by the Central Insecticide Board & Registration Committee (CIB&RC) for indigenous manufacture of CTPR Technical.
CTPR is also Natco's first key technical product to be rolled out from Crop Health Sciences (CHS) division.
CTPR technical is formulated into broad-spectrum insecticides used in several crops for better pest management. The active ingredient is used across products commercialised by FMC under its brands Coragen and Ferterra.
The Hyderabad-based company added that it was hoping to bring formulations based on the product with affordability and accessibility to farmer across the country.
The sales generated from CTPR containing products in India, inclusive of third-party marketing companies, as per declaration given by FMC was estimated to be Rs 1540 crore in 2016.
The Hyderabad-based company believes the current market size to be over Rs 2000 crore.
Natco Pharma manufactures a comprehensive range of branded and generic dosage forms, bulk actives and intermediates for both Indian as well as International markets.
The drug maker posted a 43% decline in consolidated net profit to Rs 53 crore on a 27.15% fall in revenue from operations to Rs 331.3 crore in Q4 FY21 over Q4 FY20.
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