Shares of Ranbaxy Laboratories rose more than 5 per cent after the company announced that it has received US regulatory approval for a hypertension drug to be launched by one of its subsidiaries.
The stock rose 5.6 per cent to Rs 497.5 in the morning trade on the BSE. The shares had touched a high of Rs 510.45 in the opening trade.
Ranbaxy announced that its wholly-owned subsidiary Ohm Laboratories will launch Valsartan tablets and has received approval from the USFDA to market generic version of Novartis’ Diovan tablets in the US market with 180 days of marketing exclusivity.
Ohm is a US-based subsidiary of Ranbaxy and it is engaged in the manufacturing, sale and distribution of generic and branded private label products in the US healthcare market.
Ranbaxy has been at the receiving end of the USFDA.
Earlier in April, Sun Pharmaceuticals Industries had announced acquisition of Ranbaxy in an all-share deal.
Sun Pharma shares rose over 4 per cent to Rs 661, while its group firm Sun Pharma Advanced Research Company was up 1.1 per cent at Rs 162.10.