Ranbaxy gets US FDA approval, Launches Atorvastatin in US

Ranbaxy Pharmaceuticals Inc., a wholly owned subsidiary of Ranbaxy Laboratories Ltd. (RLL, NSE: RANBAXY, BSE: 500359) ("Ranbaxy"), has received final approval from the U.S. Food and Drug Administration to manufacture and market Atorvastatin and has launched the product in the U.S. market. Atorvastatin is a cholesterol-reducing medicine, the generic equivalent of the brand Lipitor®, which generated total annual sales of $7.89 billion in the United States through September 2011.1

Mr. Arun Sawhney, CEO & Managing Director, Ranbaxy, stated, "Atorvastatin helps millions of Americans manage healthy cholesterol levels, and we are pleased to have received U.S. FDA approval to manufacture and market a safe, effective, affordable and accessible alternative to branded Lipitor. We are committed to continuing to expand our portfolio of products offered in the U.S. market for the benefit of patients, prescribers and the U.S. healthcare system."

Pursuant to an agreement between Ranbaxy and Teva Pharmaceuticals USA, Inc. ("Teva"), a portion of the profits from sales of Atorvastatin during Ranbaxy's 180-day first-to-file exclusivity period will be paid to Teva. Terms of the agreement will not be disclosed.

*Lipitor® is a registered trademark of Pfizer.
1Source: IMS-MAT Sept. 2011

The Ranbaxy Laboratories stock was trading at Rs.451, up by Rs.16.60 or 3.82%. The stock hit an intraday high of Rs.483.95 and low of Rs.449.25.

The total traded quantity was 8.24 lakhs compared to 2 week average of 0.96 lakhs.

Source : Equity Bulls

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