NATCO Pharma surges 7% post successful Establishment Inspection Report for Chennai Plant
NATCO pharma has reached a new high of Rs. 703 on the National Stock Exchange (NSE) as the drug maker revealed the successful Establishment Inspection Report (EIR) for Chennai Plant. The U.S. Food and Drug Administration (FDA) had inspected the chemical division of the Chennai facility during February 8 – February 12, 2016. The facility mainly caters to regulated international markets, including USA. The trading volumes on the counter jumped an over three-fold with a combined 938,841 shares changed hands on the BSE and NSE in the morning today.
Stocks of AstraZeneca Pharma falls on receiving termination notice for Meronem
AstraZeneca India fell by 8% today after receiving termination notice from AstraZeneca UK for termination of distribution arrangements for Meronem in India. This is a result of a global agreement by AstraZeneca PLC to sell the development and commercialization rights to Pfizer Inc, of its late-stage small molecule antibiotics business. Meronem has been one of the company’s principle products. In March 2016, it generated 18% of the total turnover of the company.
The US patent office rules in favour of Mylan, Natco Pharma’s US partner
Drugmaker Natco Pharma Ltd on Thursday said the US Patent and Trademark Office (PTO) has ruled in favour of its partner Mylan NV by striking down two patents held by Israel-based Teva Pharmaceutical Industries Ltd for its blockbuster drug Copaxone 40 mg/mL formulation. The two US patents are 8,232,250 and 8,399,413, which are owned by Yeda Research & Development Co., Ltd. and licensed to Teva Pharmaceuticals Industries Ltd. Teva is now left with three more patents to fend-off generic competition for Copaxone 40 mg. Natco said the PTO’s Patent Trial and Appeal Board (PTAB) will take a decision on Mylan’s third petition seeking inter partes review of US patent number 8,969,302 by 1 September.
Mylan CEO summoned by senators for 'urgent briefing' on EpiPen price
Amid the social storm that Mylan has been caught in due to its increased pricing for EpiPen, Senators Susan Collins (R-ME) and Claire McCaskill (D-MO) have also tightened their belt and have called for an “urgent briefing” with Mylan CEO Heather Bresch. The meeting has been called within two weeks in order to learn the reason behind the upsurge of the pricing by about 480% since it acquired the EpiPen in 2007. The price of EpiPen in 2007 was $100, and has now increased to be over $600. Senators such as Amy Klobuchar (D-MN), Chuck Grassley (R-IA), Bernie Sanders (I-VT), and Richard Blumenthal (D-CT) have each joined in by either calling for an investigation, demanding Mylan lower the price or requesting new info.