Ranbaxy Laboratories shares gain after FDA nod to generic version of Novartis drug

Written by fe Bureau | Mumbai | Updated: Jun 28 2014, 20:50pm hrs
Ranbaxy LaboratoriesRanbaxy Laboratories shares rose 5.8 per cent in early trading.
Shares of Ranbaxy Laboratories Ltd gained 8.2% intraday to touch 52-week high of Rs 510.45 on Friday after the pharma major in an exchange release informed that its wholly-owned subsidiary Ohm Laboratories has recieved approval from the US Food and Drug Administration (USFDA) for the generic version of the blood pressure drug Diovan.

Bill Winter, vice president, sales and distribution, North America, Ranbaxy, said, " Ohm is pleased to announced this first-to-file FDA approval for Valsartan tablets, which will be introduced to all classes of trade, with 180-days marketing exclusivity, as soon as sufficient supplies are manufactured to meet the needs of the market. Valsartan will be manufactured at the Ohm facilities located in New Brunswick, New Jersey."

The scrip was trading 5.4% higher at Rs 497.40 on the BSE at 1.14 pm IST.