Shares in Ranbaxy Laboratories is trading higher by 3% to Rs 512 extending its Friday’s 5% rally, after US Food and Drug Administration's (USFDA) nod for generic version of Novartis’ blood pressure drug Diovan.
The stock opened at Rs 501 and touched a fresh 52-week high of Rs 515 on BSE. A combined 1.51 million shares changed hands on the counter till noon deals on BSE and NSE.
On June 26, Ranbaxy Laboratories said that its subsidiary Ohm Lab has received drug regulator USFDA nod for generic version of Novartis’ blood pressure drug Diovan, for which it enjoys a 180-days exclusive marketing opportunity. Diovan is a USD 3.4 billion drug.
Ranbaxy may clock close to US $200 million during its 6-month exclusivity period if it launches the drug at a 40-50% discount to innovator's branded version and manages to corner half of the market share in the US, analyst at Angel Broking said in a client note.
The stock opened at Rs 501 and touched a fresh 52-week high of Rs 515 on BSE. A combined 1.51 million shares changed hands on the counter till noon deals on BSE and NSE.
On June 26, Ranbaxy Laboratories said that its subsidiary Ohm Lab has received drug regulator USFDA nod for generic version of Novartis’ blood pressure drug Diovan, for which it enjoys a 180-days exclusive marketing opportunity. Diovan is a USD 3.4 billion drug.
Ranbaxy may clock close to US $200 million during its 6-month exclusivity period if it launches the drug at a 40-50% discount to innovator's branded version and manages to corner half of the market share in the US, analyst at Angel Broking said in a client note.
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