Ranbaxy Laboratories rose 1.08% to Rs 479.10 at 11:02 IST on BSE after the company said it has signed a product licensing agreement with EPIRUS Switzerland GmbH, a wholly-owned subsidiary of Boston-based EPIRUS Biopharmaceuticals, Inc.
The announcement was made during trading hours today, 9 January 2014.
Meanwhile, the S&P BSE Sensex was down 6.77 points or 0.03% at 20,722.61.
On BSE, so far 1.60 lakh shares were traded in the counter as against average daily volume of 4.37 lakh shares in the past one quarter.
The stock was volatile. The stock rose as much as 1.8% at the day's high of Rs 482.55 so far during the day. The stock lost as much as 1.85% at the day's low of Rs 465.20 so far during the day. The stock had hit a 52-week high of Rs 514.20 on 8 January 2013. The stock had 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 8 January 2014, surging 9.1% compared with the Sensex's 1.27% fall. The scrip had also outperformed the market in past one quarter, spurting 25.31% as against the Sensex's 3.73% rise.
The large-cap company has equity capital of Rs 211.87 crore. Face value per share is Rs 5.
Ranbaxy Laboratories said it has signed a product licensing agreement with EPIRUS Switzerland GmbH, a wholly-owned subsidiary of Boston-based EPIRUS Biopharmaceuticals, Inc. (EPIRUS), for BOW015 -- a biosimilar version of infliximab. Under the terms of the agreement, EPIRUS will develop and supply the product, and upon regulatory approval Ranbaxy will market the product in India and other emerging markets. The product will be introduced in India and other emerging markets. Currently, there is no biosimilar of Infliximab approved in India.
Under the terms of the agreement, EPIRUS will develop and supply the product, and upon regulatory approval Ranbaxy will market the same in India and other emerging markets.
Commenting on the partnership, Sanjeev I Dani, Executive Vice President & Head, Global Strategy, Ranbaxy said, "We are pleased to partner with EPIRUS for Biosimilar Infliximab. We will utilise our strong front-end capabilities in making this product available in India and other parts of the world".
Amit Munshi, President and CEO of EPIRUS commented, "We are very pleased to work with Ranbaxy to register and commercialize this important medicine. Ranbaxy has the right focus and infrastructure in these markets to effectively bring this product to the market".
EPIRUS is developing a broad pipeline of biosimilar monoclonal antibodies and therapeutic proteins for commercialization in emerging markets.
Ranbaxy Laboratories reported a consolidated net loss of Rs 454.17 crore in Q3 September 2013 compared with net profit of Rs 754.17 crore in Q3 September 2012. Net sales rose 3.1% to Rs 2750.17 crore in Q3 September 2013 over Q3 September 2012.
Ranbaxy Laboratories, India's largest pharmaceutical company, is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies. Ranbaxy is a member of the Daiichi Sankyo Group.
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