NEW DELHI: Shares of Natco Pharma rallied 20 per cent in Wednesday's trade after after the company's marketing partner Mylan received US drug regulator's approval for generic version of Copaxone.

Following the development, the stock surged 20 per cent to hit its upper-circuit limit of Rs 954.35 on BSE. It opened at Rs 948 and touched an intraday high and low of Rs 954.35 and Rs 927.65 respectively, in the first hour of trade.

The company announced that the US Food and Drug Administration (USFDA) approved its marketing partner Mylan's Abbreviated New Drug Applications (ANDAs) for Glatiramer Acetate 40 mg/mL and 20 mg/mL injection, an AP-rated, substitutable generic version of Teva's Copaxone.

The drug is indicated for the treatment of chronic inflammatory disease of the central nervous system.

"The launch plans for both products will be communicated shortly after concurring with its partner Mylan," it said in a filing to BSE.

Promoters held 51.16 per cent stake in the company as of June 2017.

For the quarter ended June 30, 2017, the company reported total revenue at 430.80 crore and net profit stood at 97.40 crore.