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NATCO shares rally over 4% after partner Mylan settles patent litigation with Novo Nordisk over Ozempic in US
1 min read | Updated on October 07, 2024, 11:23 IST
SUMMARY
Shares of NATCO Pharma surged over 4% to an intraday high of ₹1,412.95 on the NSE after the company announced a patent litigation settlement between its partner Mylan and Novo Nordisk regarding the generic version of Ozempic, a diabetes and weight loss medication.
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NATCO and Mylan have partnered for the development of generic Ozempic (Semaglutide) products
This comes after NATCO on Monday announced that its partner Mylan Pharmaceuticals Inc has reached a patent litigation settlement with Novo Nordisk in the US over generic Ozempic, a drug used to lower blood sugar and weight loss.
NATCO and Mylan have partnered for the development of generic Ozempic (Semaglutide) products, the company said in a regulatory filing.
Ozempic is a prescription medication patented by Novo Nordisk.
"Mylan Pharmaceuticals Inc. and Novo Nordisk have reached a settlement of the US patent litigation related to generic Ozempic (Semaglutide)," NATCO said in the filing.
The terms of the settlement are confidential, it added.
Novo Nordisk had filed a patent infringement suit against Mylan over Ozempic in a US court.
As of 11:02 am the stock was trading at ₹1,354.35 per share, up by 0.03% (or ₹0.40) on the NSE.
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