Natco Pharma gains 3% on USFDA all-clear

The share touched a 52-week high of Rs 928.45 on September 7, 2023 and a 52-week low of Rs 502 on February 2, 2023.

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Natco Pharma share price rose 3 percent in the early trade on November 2 after the company received zero observations from the United States Food and Drug Administration’s (USFDA)  following the inspection of the firm’s pharmacovigilance department.

The company’s pharmacovigilance department, at its corporate office in Hyderabad, was inspected from October 30, 2023 to November 1, 2023.

The FDA inspected pharmacovigilance procedures of the company for its products marketed globally and particularly, in US, and found it to comply with its requirements.

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In October, the USFDA issued eight observations for the company’s Hyderabad unit after an inspection.

In September, the company was named as a defendant in an antitrust lawsuit in the United States. The lawsuit was filed against Natco Pharma by Louisiana Health Service and Indemnity Company and HMO Louisiana regarding pomalidomide, a drug used in treating cancer.

At 9.54 am, the stock was trading at Rs 750 on NSE, up 1.14 percent from the previous close.

The share touched a 52-week high of Rs 928.45 on September 7, 2023 and a 52-week low of Rs 502 on February 2, 2023. The stock is trading 18.44 percent below its 52-week high and 50.85 percent above its 52-week low.