Natco Pharma zooms 20% as partner's injection gets USFDA nod

Shares of Natco Pharma jumped 20 percent on Wednesday after the US Food and Drug Administration granted approval to the drug major's marketing partner Mylan's injection used for treatment of relapsing forms of multiple sclerosis (MS).

The stock soared 20 percent to Rs 954.35 -- its highest trading permissible limit for the day -- on the BSE.

At the NSE, it zoomed 19.99 percent to touch its upper circuit limit of Rs 952.40.

In terms of equity volume, 2 lakh shares of the company were traded on the BSE and over 4 lakh changed hands at the NSE during the morning trade.

The approval is granted to Glatiramer Acetate in strengths of 40 mg/ml and 20 mg/ml and the product is substitutable generic version of Teva's Copaxone, Natco Pharma said in a regulatory filing today.

The launch plans for both will be communicated shortly after concurring with its partner Mylan, it added.