Natco Pharma shares fell 6.7% to ₹1,087.30 on the BSE on Wednesday, after the company said the Delhi High Court had allowed an application of U.S.-based FMC Corp. challenging the use of the insect control active ingredient chlorantraniliprole (CTPR).
The drugmaker, which has diversified into agrichemicals, said in a stock exchange filing that the judgment in the interim injunction application filed by FMC was orally pronounced. Natco said it would review all options once the full copy of the judgment becomes available.
While Natco signalled it would review all options, the U.S. firm said the interim injunction restrains Natco from manufacturing, using, distributing or selling any product that contains CTPR.
FMC had filed the lawsuit for potential infringement of patents on CTPR.
In February, announcing receipt of approval for chlorantraniliprole from a central government committee on insecticides, Natco had said it would be the first indigenous manufacturer of this technical product. It had also referred to its pending litigation against FMC for declaration of freedom to use of CTPR. The active ingredient is used in products commercialised by FMC under brands Coragen and Ferterra.
