Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

Natco Pharma shares plunge as U.S. SC agrees to hear Teva appeal

Apr 01 2014, 12:34 IST
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Natco shares were trading down 16% at Rs 671.95 on noon on Tuesday on the BSE. Thinkstock Natco shares were trading down 16% at Rs 671.95 on noon on Tuesday on the BSE. Thinkstock
SummaryNatco shares were trading down 16% at Rs 671.95 on noon on Tuesday on the BSE.

Shares of Hyderabad-based Natco Pharma fell to a five-month low after the U.S. Supreme Court decided to hear an appeal by Teva Pharmaceutical Industries which seeks to delay the introduction of generic versions of Teva's blockbuster multiple sclerosis drug, Copaxone.

The patent which was originally set to expire in May 2014 would be delayed to September 2015, if the Israel-based company wins the appeal.

The drug, which accounts for more than half of Teva's profit, grossed $3.2 billion in annual sales in the United States for Teva.

"The company continues to believe that Teva's '808 patent is invalid for indefiniteness," Natco said in a statement.

Novartis' generic drug focused subsidiary Sandoz along with Momenta Pharmaceuticals and Mylan are the other companies involved in the litigation.

Natco shares were trading down 16% at Rs 671.95 on noon on Tuesday on the BSE Sensex.

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