Ranbaxy up; Nod to Generic Version of Novartis Drug
Ranbaxy Laboratories rose 5.8 per cent in early trading after the US Food and Drug Administration (FDA) on Thursday said it has approved the company's generic version of Novartis AG's blood pressure drug Diovan.
(Read: Ranbaxy's generic version of Diovan approved by US FDA)
Investors say current market size of Diovan in the United States is $1.7 billion and Ranbaxy can generate revenue of over $200 million from generic Diovan sales as it enjoys 180 days exclusivity for the same.
Also, Sun Pharmaceutical Industries Ltd, which in April agreed to buy Ranbaxy, rose 2.5 per cent as well on hopes that drugs such as Diovan and Nexium would reduce its effective cost of acquiring Ranabxy.
Sun Pharma on April 7 agreed to buy Ranbaxy in an all-share deal, betting it can fix the factory quality glitches that plagued Daiichi Sankyo Co and got Ranbaxy's India-made drugs barred from the United States.
Copyright @ Thomson Reuters 2014
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