Natco Pharma rallied 4 percent in morning trade on October 7 following the issuance of a settlement order in the United States patent case on generic Ozempic products. The stock price witnessed a strong rally and touched an intraday high of Rs 1,408.70 per share on the NSE.
Mylan Pharmaceuticals Inc. and Novo Nordisk have reached a settlement of US patent litigation relating to generic Ozempic (semaglutide), the company announced in an exchange filing.
NATCO and Mylan have partnered on the development of generic Ozempic products.
The stock has registered a rise after falling for three consecutive days.
As per data available on the BSE index, the stock has delivered multibagger returns, rising 122.04 percent in the last two years.
In early April this year, the company had received a warning letter from the US health regulator for its manufacturing plant located in Telangana. The US Food and Drug Administration (USFDA) had issued eight observations under Form 483 after inspecting the company’s manufacturing facility located in Kothur. According to a PTI report, the inspection by the USFDA was conducted from October 9 to October 18, 2023.
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