Natco Pharma hits life high on US nod for anti-ulcer drug

Shares of Natco Pharma  surged over 6 percent to a life high of Rs 498.90 on Wednesday on receiving US Food and Drug Administration approval for its anti-ulcer drug.

The US drug regulator has approved its abbreviated new drug application (ANDA) for Lansoprazole delayed release capsules in 15 mg and 30 mg strength for the prescription market, it said.

The drug is a generic version of Prevacid marketed by Takeda Pharmaceuticals.

The Lansoprazole delayed release capsules will be manufactured and supplied by Natco Pharma to US-based Breckenridge Pharmaceutical Inc.

Natco has partnerships with Breckenridge for marketing the drug in the US.

Earlier this year, in a landmark judgement by India's Patent Office, Natco Pharma  won a compulsory license from Bayer for patent protected anti-cancer drug Nexavar, chemically known as Sorafenib.

Last month, India's patents appeal board dismissed British pharma major AstraZeneca's petition challenging an earlier ruling that refused patent protection for one of its cancer treatment drug. That judgement too boosted Natco shares then, as it had opposed the initial patent application for the Astra Zeneca drug.

Natco Pharma shares were up 6 percent at Rs 497 on NSE in afternoon trade. The stock has doubled in 2012.