Ranbaxy stocks up as USFDA opposes Mylan’s request

MUMBAI: The US drug regulator has opposed American firm Mylan’s request to strip Ranbaxy Laboratories of its six month exclusive rights to sell a low-priced version of the world’s best-selling drug Lipitor in the US.

The USFDA has in-principle allowed Ranbaxy to sell a generic version of the medicine from end of 2011, after original drugmaker Pfizer’s patent expires in November.

Shares of Ranbaxy Laboratories were at Rs 468, up 1.41 per cent on the NSE. It touched a high of Rs 473.70 and low of Rs 466.30 in trade so far.