Ranbaxy gains, gets lead in U.S. sales of diabetes drug

MARKET-EYE-RANBAXY-GAINS-GETS-LEAD-IN-US-SAL:Ranbaxy gains gets lead in U.S. sales of diabetes drug

 

Reuters Market Eye - Ranbaxy Laboratories rose 3.8 percent to its highest close since May 29 on hopes for increased sales of the generic version of diabetes drug Actos in the key U.S. market after regulators denied approval for a rival generic drug from Watson Pharmaceuticals Inc .

Ranbaxy on Friday said it launched a generic version of Actos, a drug developed by Takeda Pharmaceutical Co Ltd <4502.T> that has annualised sales of $2.7 billion in the United States.

Watson has sued the U.S. Food and Drug Administration, challenging its ruling, but even if regulators reverse their decision, Ranbaxy would enjoy a sizeable time advantage.