Drug launch boosts Ranbaxy

The stock finally settled at Rs 444, up 3% from the previous close. The counter clocked volumes of 1.05 million shares as compared to the two-week daily average traded volumes of 278,255 shares on the BSE.
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(Updated at 1007hrs)

Ranbaxy has soared on news that it has launched the generic version of GlaxoSmithKline’s (GSK) blockbuster medicine Valtrex (valacyclovir hydrochloride) in the United States.

Ranbaxy is trading at Rs 443, higher by Rs 13 or 3%, on the BSE. The stock opened at RS 432, and has touched a high of Rs 444 and a low of Rs 431 thus far.

The Daiichi-controlled Ranbaxy enjoys the first-to-file status for the drug and, therefore, has a six-month exclusive marketing right to the medicine. During the period, Ranbaxy will be the only company, other than the innovator GSK, to market the product in the US. Ranbaxy has confirmed that the drug was launched on November 25.