Natco Pharma surges nearly 9% as partner Mylan Inc gets USFDA nod

Natco Pharma shares on Friday surged nearly 9% after the company said its marketing partner Mylan Inc has received tentative approval from the US health regulator for selling generic Sorafenib tablets, used for cancer treatment, in the American market.

The stock soared 8.54% to settle at Rs 518.35 on the Bombay Stock Exchange (BSE). During the day, it jumped 9.83% to Rs 524.50.

On the National Stock Exchange (NSE), it zoomed 8.72% to close at Rs 518.35.

The company's market valuation rose by Rs 711.32 crore to Rs 9,028.32 crore.

On the volume front, 4.86 lakh shares of the company were traded at BSE and over 16 lakh shares changed hands at NSE during the day.

The company's marketing partner Mylan Inc has received a tentative approval from the United States Food and Drug Administration (USFDA) for abbreviated new drug application (ANDA) for Sorafenib tablets in the strength of 200 mg, Natco Pharma said in a BSE filing on Friday. The company manufactures this product at its Kothur facility in Telangana, it added.