Ranbaxy Lab recovers after Friday's slide

Ranbaxy Laboratories rose 1.05% to Rs 336.95 at 9:22 IST on BSE, with the stock recovering after Friday's slide triggered by firm receiving a Paragraph IV certification notice of filing from Watson Laboratories Inc. for a generic version of Absorica.

Meanwhile, the S&P BSE Sensex was down 119.17 points or 0.59% at 20,144.54.

On BSE, 60,000 shares were traded in the counter as against average daily volume of 17.63 lakh shares in the past two weeks.

The stock hit a high of Rs 339.90 and a low of Rs 326.75 so far during the day.

The large-cap company has equity capital of Rs 211.56 crore. Face value per share is Rs 5.

Shares of Ranbaxy Laboratories had declined 4.86% to settle at Rs 333.45 on Friday, 20 September 2013, after the company after market hours on 19 September 2013 said it received a Paragraph IV certification notice of filing from Watson Laboratories Inc. for a generic version of Absorica.

Ranbaxy Laboratories Inc. (RLI), a wholly owned subsidiary of Ranbaxy Laboratories, has received a Paragraph IV Certification Notice of filing from Watson Laboratories Inc. of an Abbreviated New Drug Application (ANDA) to the US Food and Drug Administration (FDA) for a generic version of Absorica (isotretinoin capsules), a product that is licensed from Cipher Pharmaceuticals Inc. (Cipher) of Mississauga, Ontario.

RLI and Cipher intend to vigorously defend Absorica's intellectual property rights and pursue all available legal and regulatory pathways in defense of the product, RLI said in a statement. Absorica is currently protected by two issued patents listed in the FDA's Approved Drug Products List (Orange Book), which expire in September 2021. RLI shall take appropriate actions in response to the Paragraph IV notice letter, and FDA approval of the ANDA shall then be governed by the Hatch-Waxman Act, RLI said. Absorica was approved by the FDA in May 2012, and granted a three-year market exclusivity period, which expires in May 2015.

Ranbaxy Laboratories reported consolidated net loss of Rs 524.24 crore in Q2 June 2013, lower than net loss of Rs 585.72 crore in Q2 June 2012. Net sales declined 17.8% to Rs 2633.20 crore in Q2 June 2013 over Q2 June 2012.

Ranbaxy Laboratories is an integrated, research based, international pharmaceutical company producing a wide range of generic medicines. Ranbaxy serves its customers in over 150 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 43 countries and manufacturing operations in 8 countries. Ranbaxy is a member of the Daiichi Sankyo Group.

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