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Thursday, March 25, 2010

Natco Pharma up 15% on reports of re-launching Albupax

Natco Pharma is trading 15% higher over its previous day’s close at Rs 151 on reports that the company will re-launch its breast cancer drug, Albupax, in the domestic and global markets.

The stock opened at Rs 133 and touched two-year high of Rs 156 in intraday deals and has seen spurt in volume. As many as 2.1 million shares have changed hands on the counter so far, as compared to an average 45,000 shares that were traded in last two weeks on the BSE.

As per reports, the Ministry of Health has stayed the suspension of manufacturing license for the drug by the Drug Controller General of India (DCGI). Natco had stopped the production, distribution and marketing of the drug in July 2009 on the instructions of the DCGI’s concerns that the drug might cause liver damage.

Albupax is a nano technology based drug and is the generic version of Abraxane which is patented by US-based Abraxis BioScience Inc.

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