Natco Pharma Limited and Watson Pharmaceuticals, Inc today confirmed an exclusive, U.S. development and license agreement, to develop and commercialize LENALIDOMIDE for 5,10, 15 and 25 mg tablets strengths. This tablets is used in the treatment for multiple myeloma.
Natco has filed an Abbreviated New Drug Application (ANDA) with the U.S. Food and Drug Administration (USFDA), seeking nod to market its lenalidomide 5, 10, 15 and 25 mg product.
Natcos lenalidomide tablets are generic versions of Celgenes Revlimid tablets.
Meanwhile, Natco Pharma will raise Rs 100 crore to fund its expansion plans and research activities. The company in a filing to the BSE said "To fund its ambitious expansion plans and its research activities, the company is planning to raise funds to the tune of Rs 100 crore through an appropriate capital offering. The various modalities in this regard are being worked out".
Regarding the financial performance, the company has posted a growth of 10.84 per cent in its consolidated net profit to Rs 14.82 crore for the second quarter ended September 30. The total income of the company stood at Rs 127.37 crore in the second quarter as compared to Rs 117.81 crore reported during the same period previous fiscal.
However, the company is mulling raising of funds to the extent of Rs 100 crore through an appropriate capital offering in order fund its ambitious expansion plans and its research activities. It has worked out various modalities in this regard.
The shares of Natco Pharma today closed at Rs 322, down by 2.05% on BSE. The scrip touched an intraday high of Rs 338.95 and a low of Rs 320.25. The total traded volume of the scrip on BSE today stood at 0.67 lakh.
Natco Pharma was promoted by Mr. V.C. Nannapaneni in the year 1981 as a Private Limited Company to be in the business of Research, Developing, Manufacturing and Marketing of Pharmaceutical Substances and Finished Dosage forms for Indian and International markets. Natco Pharma began operations in 1984 in Andhra Pradesh, India.