Shares of AstraZeneca Pharma today tumbled over 7 per cent, after the Intellectual Property Appellate Board (IPAB) turned down the drug firm’s plea for a patent on the lung cancer drug Gefitinib.
Following the move, shares of the company opened weak and as the trade progressed it tanked 7.38 per cent to Rs 1,449.50 on the BSE.
On the NSE, the scrip slipped 7.65 per cent to Rs 1,444.05.
The company has said it is disappointed and is evaluating its options.
“We are disappointed by the Intellectual Property Appellate Board’s decision. We are confident in the validity of the claims in this patent application and are now evaluating our next steps,” AstraZeneca said in a statement.
IPAB on November 26 upheld its earlier decision to refuse AstraZeneca a patent claim in 2007, citing lack of invention.
Decline in the stock was in contrast with a robust stock market where the benchmark index Sensex was trading at 19,093.42, up 251.34 points.