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Shares of Ranbaxy Laboratories jumped by over 11 per cent in morning trade on the bourses today after the drug major launched its generic version of blockbuster cholesterol-lowering drug Lipitor in the US.
Boosted by the news, Ranbaxy shares climbed 11.3 per cent to Rs 483.95 on BSE. In a similar fashion, the scrip surged by 11.21 per cent to an early high of Rs 483.40 on NSE.
However, the stock saw some of its initial gains pared in later trade and was being quoted at Rs 454.80 on BSE, up 4.60 per cent from the previous closing price, at 10.25 a.m.
The launch came after final approval from the US health regulator to manufacture the generic version of Lipitor at Ranbaxy’s wholly owned Ohm Laboratories facility in New Brunswick, New Jersey, as well as market the product.
“Ranbaxy Pharmaceuticals Inc, a wholly owned subsidiary of Ranbaxy Laboratories, has received final approval from the US Food and Drug Administration to manufacture and market Atorvastatin and has launched the product in the US market,” the company said in a statement.
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