Ranbaxy Laboratories soars on receiving USFDA approval for Lipitor

Ranbaxy Laboratories Ltd.- (Amalgamation) | Pharmaceuticals & Drugs | Healthcare | BSE: 500359 | NSE: RANBAXY

01 Dec 2011 Evaluate

Ranbaxy Laboratories is currently trading at Rs. 462.45, up by 27.65 points or 6.36% from its previous closing of Rs. 434.80 on the BSE.

The scrip opened at Rs. 471.30 and has touched a high and low of Rs. 483.95 and Rs. 458.80 respectively. So far 3,86,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 611.75 on 04-Jan-2011 and a 52 week low of Rs. 413.25 on 24-Nov-2011.

Last one week high and low of the scrip stood at Rs. 483.95 and Rs. 430.00 respectively. The current market cap of the company is Rs. 19,515.00 crore.

The promoters holding in the company stood at 63.75% while Institutions and Non-Institutions held 20.50% and 14.00% respectively.

Ranbaxy Laboratories has received US health regulator’s approval to produce generic version of cholesterol lowering drug Lipitor, a move that will help the India-based firm to launch the drug in the American market. The company has gained approval to make generic atorvastatin calcium tablets in 10 milligram, 20 mg, 40 mg, and 80 mg strengths. The drug will be manufactured by Ohm Laboratories in New Brunswick, NJ.

Settling the issue with the USFDA was of immense importance to Ranbaxy as the firm has exclusive rights to the off-patent version of Lipitor, Pfizer’s blockbuster cholesterol lowering drug which had sales of over $10 billion for the year ended September, 2010. However, Ranbaxy and Pfizer had settled all their mutual litigations worldwide over the Lipitor patent in 2008.

In 2008, the USFDA had banned 30 generic drugs produced by Ranbaxy at its Dewas (Madhya Pradesh) and Paonta Sahib and Batamandi unit in Himachal Pradesh, citing gross violation of approved manufacturing norms. It was, however, not clear whether the US Food and Drug Administration (USFDA) had resolved pending issue of manufacturing norm violation by some of the company’s plants in India.

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Sun Pharma Inds.	1847.30
Dr. Reddys Lab	1293.25
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