Domestic pharma shares surge on Novartis ruling

Posted By:
Subscribe to GoodReturns

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]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?