Domestic pharma shares surge on Novartis ruling

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Domestic pharma shares surge on Novartis ruling
Shares in domestic pharma companies surged after the Supreme Court rejected a cancer patent for multinational company Novartis.

Monday's ruling comes as a setback to many renowned global pharma companies that are looking at India to boost sales.

Commenting on the ruling, DG Shah, Indian Pharmaceutical Alliance (IPA) secretary said, "This is a landmark judgement that will serve to set at rest the controversy that was raised regarding the scope of section 3(d) in the Patents Act, which is a crucial safeguard against the extension of patent monopolies of known drugs and the consequent delay in the availability of affordable generic versions."

Shares of the Sun Pharma surged more than 4% to Rs 846, Divis Labs gained 4.12%, Glenmark rose 3.87% and Aurobindo Pharma gained 2.80% on BSE at 2.30 pm IST.

Read more about: pharma
Story first published: Tuesday, April 2, 2013, 14:49 [IST]
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