Supreme Court disallows patent to Novartis cancer drug

Business

oi-Sunil

By Sunil Fernandes

Published: Monday, April 1, 2013, 11:15 [IST]

The Supreme Court today denied a patent to Swiss giant Novartis AG's cancer treatment Glivec. The stock of Novartis was down almost 5 per cent following reports of the ruling.

It was last trading at Rs 572, after plunging to a 52-week low of Rs 558 on the Bombay Stock Exchange.

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

Shares of domestic pharma companies who are large exporters like Aurobindo Pharma and Orchid Chemicals jumped following today's Supreme Court ruling. Dr Reddy's Labs was also trading higher by 2.26 per cent.

Novartis is a world leader in the research and development of products to protect and improve health and well-being. The company has core businesses in pharmaceuticals, vaccines, consumer health, generics, eye care and animal health.

Headquartered in Basel, Switzerland, Novartis employs nearly 115 000 people in over 140 countries worldwide to help save lives and improve the quality of life.

The Group is present in India through Novartis India Limited, listed on the Mumbai Stock Exchange and its wholly owned subsidiaries Novartis Healthcare Private Limited, Sandoz Private Limited and Chiron Behring Vaccines Private Limited.

GoodReturns.in