Ranbaxy up 3% on USFDA nod for migraine drug
Amid the general weakness in the market, shares of Ranbaxy Laboratories bucked the trend after it received the US Food and Drug Administration's approval to sell acute migraine drug Sumatriptan.
By Surya R Kannoth, ET Bureau |
MUMBAI: Amid the general weakness in the market, shares of Ranbaxy Laboratories bucked the trend after it received the US Food and Drug Administration's approval to sell acute migraine drug Sumatriptan.
The Sumatriptan approval is important for the company, as it becomes the first drug to be approved by the FDA after Ranbaxy faced an import ban on over 30 drugs manufactured at its two plants in India. The import ban was imposed because of serious manufacturing deficiencies at the two facilities Dewas and Paonta Sahib in Himachal Pradesh.
The market for Sumatriptan (generic equivalent of GlaxoSmithKline's Imitrex) is around $1 billion, with the drug's 100 mg strength having a major share of $650 million. The drug will be manufactured at the company's overseas manufacturing facility, Ohm Labs in US.
At 10:10 am, Ranbaxy shares were up 2.64 per cent at Rs 239, easing from a high of Rs 244 in the first few minutes of trade.
The Sumatriptan approval is important for the company, as it becomes the first drug to be approved by the FDA after Ranbaxy faced an import ban on over 30 drugs manufactured at its two plants in India. The import ban was imposed because of serious manufacturing deficiencies at the two facilities Dewas and Paonta Sahib in Himachal Pradesh.
The market for Sumatriptan (generic equivalent of GlaxoSmithKline's Imitrex) is around $1 billion, with the drug's 100 mg strength having a major share of $650 million. The drug will be manufactured at the company's overseas manufacturing facility, Ohm Labs in US.
At 10:10 am, Ranbaxy shares were up 2.64 per cent at Rs 239, easing from a high of Rs 244 in the first few minutes of trade.
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