Natco slumps on Teva's Copaxone appeal

Tags: Natco, Companies
Shares in Natco Pharma falls 13 per cent, heading towards their biggest ever single-day fall after the US Supreme Court on Monday agreed to hear an appeal filed by Teva Pharmaceutical Industries Ltd in a patent fight over top-selling multiple sclerosis drug Copaxone.

The appeal could deter generic manufacturers such as Natco from introducing cheaper versions of Capaxone onto the market as soon as May.

The company continues to believe that Teva's patent on Copaxone is "invalid," the company said in a filing to the exchange.

Natco shares had earlier fallen as much as 18.6 percent.

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