Ranbaxy Laboratories rose 2.98% to Rs 402.60 at 11:53 IST on BSE after the company said it received approval from India's Central Drugs Standard Control Organisation to sell a malaria drug in the country.
The announcement was made during trading hours today, 21 October 2013.
Meanwhile, the BSE Sensex was down 18.27 points, or 0.09%, to 20,864.62.
On BSE, 4.71 lakh shares were traded in the counter compared with average volume of 8.87 lakh shares in the past one quarter.
The stock hit a high of Rs 407.20 and a low of Rs 391.55 so far during the day. The stock hit a 52-week high of Rs 559.80 on 8 November 2012. The stock hit a 52-week low of Rs 253.95 on 2 August 2013.
The stock had outperformed the market over the past one month till 18 October 2013, rising 16.96% compared with the Sensex's 4.61% rise. The scrip had also outperformed the market in past one quarter, gaining 16.16% as against Sensex's 3.75% rise.
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The large-cap company has an equity capital of Rs 211.57 crore. Face value per share is Rs 5.
Ranbaxy Laboratories said it received approval from Central Drugs Standard Control Organisation (CDSCO), Government of India to manufacture and market "Synriam" in India for treatment of uncomplicated malaria in adults caused by Plasmodium vivax parasite. Phase III clinical trials for the drug conducted in India, successfully demonstrated the efficacy and tolerability of Synriam as comparable to chloroquine.
Last year on World Malaria Day, 25 April 2013, Ranbaxy had launched India's first new drug, Synriam for the treatment of uncomplicated Plasmodium falciparum malaria in India. Since its launch, Synriam has successfully treated around one million patients. The company has also received permission to conduct Phase III clinical trials for the pediatric formulation in pediatric patients of uncomplicated Plasmodium falciparum malaria, the company said in a statement.
Commenting on the approval, Arun Sawhney, CEO & Managing Director, Ranbaxy, said, "Synriam is a new age cure for malaria and is fast emerging as the preferred option in the hands of doctors. This approval makes Synriam one of the few therapies in the world that successfully treats both, Plasmodium vivax and Plasmodium falciparum malaria. Ranbaxy remains committed in its fight against malaria and we are making all efforts to make this new therapy accessible to patients around the world."
Ranbaxy said it is working to make this new treatment available in African, Asian and South American markets where malaria is rampant. The company has filed New Drug Applications (NDAs) for marketing Synriam in some African countries and will be filing more applications during the year. Once approved, the product will be launched in these markets.
Synriam provides quick relief from most malaria-related symptoms, including fever, and has a high cure rate of over 95%. It conforms to the recommendations of the World Health Organization (WHO) for using combination therapy in malaria, Ranbaxy said.
Ranbaxy Laboratories reported consolidated net loss of Rs 524.24 crore in Q2 June 2013, lower than net loss of Rs 585.72 crore in Q2 June 2012. Net sales declined 17.8% to Rs 2633.20 crore in Q2 June 2013 over Q2 June 2012.
Ranbaxy Laboratories is an integrated, research based, international pharmaceutical company producing a wide range of generic medicines. Ranbaxy serves its customers in over 150 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 43 countries and manufacturing operations in 8 countries. Ranbaxy is a member of the Daiichi Sankyo Group.
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