Ranbaxy Laboratories has moved higher by 3% at Rs 516 after the company said it has entered into an in-licensing agreement with Gilead Sciences, Inc to collaborate on promoting access to low-cost generic versions of its HIV medicine emtricitabine in developing countries.
Commenting on the agreement Arun Sawhney, CEO & managing director, Ranbaxy, said, ''Ranbaxy and Gilead have a strong collaboration going in the area of HIV/AIDS. We are pleasured to extend this association with Gilead that will enable us to offer quality, affordable medicines for the treatment of HIV/AIDS in the developing countries.'
The stock opened at Rs 502 and hit a low of Rs 495 on the NSE. As many as 1.27 million shares have already changed hands on the counter so far, against an average around 700,000 shares that were traded daily in past two weeks.