Ranbaxy gains over 11%; surge in sync with bullish market

Mumbai: Shares of Ranbaxy Laboratories jumped over 11 percent in morning trade today after the drug major launched its generic version of blockbuster cholesterol-lowering drug Lipitor in the US.

Boosted by the news, Ranbaxy shares climbed 11.3 percent to Rs 483.95 on the BSE. In a similar fashion, the scrip surged 11.21 percent to an early high of Rs 483.40 on the NSE.

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However, the stock saw some of its initial gains pared in later trade and was being quoted at Rs 454.80 on the BSE, up 4.60 per cent from the previous closing price, at 1025 hours.

The launch came after final approval from the US health regulator to manufacture the generic version of Lipitor at Ranbaxy's wholly owned Ohm Laboratories facility in New Brunswick, New Jersey, as well as market the product.

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"Ranbaxy Pharmaceuticals Inc, a wholly owned subsidiary of Ranbaxy Laboratories, has received final approval from the US Food and Drug Administration to manufacture and market Atorvastatin and has launched the product in the US market," the company said in a statement.

The surge in the stock was in sync with the bullish broader market, with the benchmark Sensex trading 451.74 points higher at 16,575.20 at 1025 hours.

Agencies