Ranbaxy Laboratories rose 2.58% to Rs 514.30 at 13:37 IST on BSE after the company said it has entered into an in-licensing agreement with Gilead Sciences, Inc to promote access to generic versions of Gilead's HIV medicine in developing countries.
The company made this announcement during trading hours today, 3 August 2012.
Meanwhile, the BSE Sensex was down 67.50 points or 0.39% to 17,156.86.
On BSE, 1.37 lakh shares were traded in the counter as against average daily volume of 1.16 lakh shares in the past one quarter.
The stock hit a high of Rs 515.50 and a low of Rs 495.10 so far during the day. The stock had hit a 52-week high of Rs 563 on 3 August 2011. The stock had hit a 52-week low of Rs 366.50 on 19 December 2011.
The stock had outperformed the market over the past one month till 2 August 2012, rising 1.1% compared with the Sensex's 1% fall. The scrip had also outperformed the market in past one quarter, gaining 0.34% as against Sensex's 0.45% fall.
The large-cap pharma firm has equity capital of Rs 211.13 crore. Face value per share is Rs 5.
Ranbaxy Laboratories said it has entered into an in-licensing agreement with Gilead Sciences, Inc to promote access to high-quality, low-cost generic versions of Gilead's HIV medicine emtricitabine (FTC) in developing countries including single tablet regimens containing emtricitabine, and fixed-dose combinations of emtricitabine co-formulated with other Gilead HIV medicines. Under the new agreements, Gilead will provide a technology transfer for the manufacture of emtricitabine, together with funding to assist with investment in process improvements to reduce manufacturing costs, Ranbaxy said in a statement.
The new agreements will enable Ranbaxy to produce high volumes of FTC/TDF based therapies, thereby establishing sustainable price parity to alternative regimens, Ranbaxy said in a statement.
Commenting on the agreement with Gilead Sciences, Inc, Mr. Arun Sawhney, CEO & MD, Ranbaxy said, "Ranbaxy and Gilead have strong collaboration going in the area of HIV/AIDS. We are pleased 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".
Ranbaxy Laboratories' consolidated net profit jumped 309.6% to Rs 1246.76 crore on 72.6% growth in net sales to Rs 3695.40 crore in Q1 March 2012 over Q1 March 2011. The company unveils Q2 June 2012 results on 9 August 2012.
Ranbaxy Laboratories is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines across geographies. Ranbaxy serves its customers in over 125 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 Japan's Daiichi Sankyo Group.
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