Supreme Court dumps Novartis plea, Natco Pharma, Cipla shares soar

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Natco was up 4.2 per cent, while Cipla rose 1.8 per cent. (Reuters) Natco was up 4.2 per cent, while Cipla rose 1.8 per cent. (Reuters)
SummaryNatco was up 4.2 per cent, while Cipla rose 1.8 per cent.

Shares in Natco Pharma Ltd and Cipla Ltd gain after India's highest court dismissed Swiss drugmaker Novartis AG's petition seeking patent for its cancer drug Glivec.

In a landmark judgment that has the potential to change the direction of India's pharmaceutical business, the Supreme Court said on Monday that the drug failed to qualify for a patent according to Indian law.

Analysts say that will be a big win for generic drugmakers given huge difference in prices of monopoly drugs, and as other emerging countries are also expected to follow India's top court's decision.

Cipla and Natco are already selling generic versions of Glivec in India.

Natco was up 4.2 percent, while Cipla rose 1.8 percent at 0532 GMT.

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