Natco Pharma hits 20% UC
Natco Pharma, which had closed on Friday at Rs.990.80, opened today at Rs.1188.95, which is its 20% UC of the day and also a new high. Volumes jumped up almost 9 times.
The stock hit the roof as it has received the nod from the US FDA for the generic version of Celgene's multiple myeloma or cancer drug, Revlimid (Lenalidomide) capsules in US.
Lenalidomide capsule is indicated for treatment of adults with multiple myeloma, mantle cell lymphoma and myelodysplastic syndromes.
NATCO, along with its marketing partner Arrow International (a U.S. affiliate of Teva Pharmaceutical) previously settled the litigation related to the product with Celgene and due to this, Natco and Arrow shall launch the product on agreed-upon launch dates in the future.
Meanwhile, the company had also announced a few days ago that it has initiated Phase-III clinical trial of Molnupiravir capsules in India, which in the pre-clinical data showed effectiveness against broad anti-influenza activity, including highly potent inhibition of SARS-CoV-2 replication. Patients treated with Molnupiravir achieved response within 5 days of therapy indicating that the duration of treatment with Molnupiravir is short, with the additional advantage of being an oral therapy. The Phase-III trials are currently on across 32 hospitals.