Natco Pharma slumps 3% over US anti-trust lawsuit

The other defendants named in the lawsuit were Celgene Corporation, Bristol Myers Squibb, and Breckenridge Pharmaceutical.

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Natco Pharma shares were down 3 percent on September 8 after it was named as a defendant in an antitrust lawsuit in the United States.

The lawsuit was filed against the company by Louisiana Health Service and Indemnity Company and HMO Louisiana regarding pomalidomide, a drug used in treating cancer. However, the company has not disclosed any further details.

“Natco believes this matter is without merit,” the company said in an exchange filing dated September 8.

The other defendants named in the lawsuit were Celgene Corporation, Bristol Myers Squibb, and Breckenridge Pharmaceutical.

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At 1.45 pm on the NSE, the Natco Pharma stock was quoting at Rs 886.30, up Rs 27.95, or 3.06 percent.

The company’s shares have increased 59.14 percent in year-to-date terms and 45 percent in the last one year.

In its results for the April-to-June quarter, the company reported a 26 percent year-on-year (YoY) increase in revenue from operations at Rs 1,140 crore. Net profit during the period increased 31 percent YoY to Rs 420 crore. While the operating profit margins increased by 100 basis points to 46 percent.

Natco Pharma is engaged in developing, manufacturing and marketing of finished dosage formulations and active pharmaceutical ingredients.

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