Ranbaxy Lab rises on heavy volumes
The company got USFDA approval to launch Absorica, one of its best selling brands in the US
Ranbaxy Laboratories has moved higher by 3.3% at Rs 542 on back of huge volumes. A combined 1.4 million shares have already changed hands on the counter till noon deals, against an average around one million shares that were traded daily in past ten trading days on the NSE and BSE.
On Monday, in late market hours, Ranbaxy Laboratories said that it has got approval from the US Food and Drug Administration to launch Absorica, one of its best selling brands in the US after being banned for nearly four years.
As per the agreement, Ranbaxy will pay royalties on net sales to Cipher. Absorica, a novel, is patented brand formulation of the acne medication isotretinoin, developed by Cipher, for treatment of severe recalcitrant nodular acne.