Ranbaxy shares surge 7%
Shares of Ranbaxy Laboratories surged over 7% after the company reached an agreement with GlaxoSmithKline to stipulate a dismissal of their US litigation for Valtrex (Valacyclovir Hydrochloride tablets).
By INDIATIMES NEWS NETWORK |
MUMBAI: Shares of Ranbaxy Laboratories surged over 7% after the company reached an agreement with GlaxoSmithKline to stipulate a dismissal of their US litigation for Valtrex (Valacyclovir Hydrochloride tablets).
At 11:26 am, the share was up 7.20% at Rs 365.60 with volume traded at 5,53,428 against two-week average of 4,76,869 shares.
The lawsuit in the US was related to GSK's US Patent No 4,957,924, covering Valacyclovir Hydrochloride and its use in the treatment of herpes virus infections.
Under the agreement, the company will enter the US market in late 2009 whereby as the first generic, Ranbaxy will enjoy a 180 days exclusivity. Ranbaxy has also obtained a license to GSK's US Patent Nos. 5,879,706 and 6,107,302, listed in the orange book for Valacyclovir. The total annual market sales of Valtrex were around $1.3 billion.
In early February 2007, the company received a final approval from the US FDA to market and manufacture Valacyclovir Hydrochloride tablets.
Ranbaxy will continue to pursue a strategy to effectively leverage and monetise its pipeline of ‘first-to-file’ opportunities. The company believes that it has a ‘first-to-file’ status on approximately 20 Para IV ANDA filings representing a market size of - $26 bn valued at innovator prices.
At 11:26 am, the share was up 7.20% at Rs 365.60 with volume traded at 5,53,428 against two-week average of 4,76,869 shares.
The lawsuit in the US was related to GSK's US Patent No 4,957,924, covering Valacyclovir Hydrochloride and its use in the treatment of herpes virus infections.
Under the agreement, the company will enter the US market in late 2009 whereby as the first generic, Ranbaxy will enjoy a 180 days exclusivity. Ranbaxy has also obtained a license to GSK's US Patent Nos. 5,879,706 and 6,107,302, listed in the orange book for Valacyclovir. The total annual market sales of Valtrex were around $1.3 billion.
In early February 2007, the company received a final approval from the US FDA to market and manufacture Valacyclovir Hydrochloride tablets.
Ranbaxy will continue to pursue a strategy to effectively leverage and monetise its pipeline of ‘first-to-file’ opportunities. The company believes that it has a ‘first-to-file’ status on approximately 20 Para IV ANDA filings representing a market size of - $26 bn valued at innovator prices.
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