Ranbaxy Laboratories rose 3.69% to Rs 635 at 12:21 IST on BSE after the company said it has launched Infimab, the first Remicade (Infliximab) biosimilar in India.
The announcement was made during market hours today, 1 December 2014.
Meanwhile, the S&P BSE Sensex was up 34.78 points or 0.12% at 28,728.77.
On BSE, so far 1.10 lakh shares were traded in the counter as against average daily volume of 1.60 lakh shares in the past one quarter.
The stock hit a high of Rs 635.90 and a low of Rs 620 so far during the day. The stock had hit a record high of Rs 697.50 on 10 November 2014. The stock had hit a 52-week low of Rs 306.05 on 27 January 2014.
The stock had underperformed the market over the past one month till 28 November 2014, declining 3.42% compared with the Sensex's 6.75% rise. The stock had also underperformed the market in past one quarter, sliding 4.4% as against Sensex's 7.72% rise.
The large-cap pharma firm has equity capital of Rs 212.51 crore. Face value per share is Rs 5.
Ranbaxy Laboratories said that Infimab was launched at the Indian Rheumatology Association Conference (IRACON) in Chandigarh, in the presence of over a thousand rheumatologists and doctors from around the country, Ranbaxy Laboratories said in a statement.
Infimab, is being introduced in the Indian market through a licensing partnership with EPIRUS Biopharmaceuticals, Inc. a US and Swiss-based Biopharmaceutical company focused on the global development and commercialization of biosimilar monoclonal antibodies, Ranbaxy said in a statement. Infimab will be manufactured by Reliance Life Sciences at a facility in Mumbai, Ranbaxy Laboratories said in a statement.
Infimab marks Ranbaxy's entry into mAB (Monoclonal Antibodies) biologics, and will help the company provide greater access to quality biologic medicines in management of conditions like rheumatoid arthritis, Ranbaxy Laboratories said in a statement.
Talking about the significance of the newly launched Infimab, Rajeev Sibal, Vice President & Country Head-India Region, Ranbaxy said, "Infimab offers a new opportunity in the management of conditions like rheumatoid arthritis. The product has been developed as per global standards and delivers a similar clinical outcome to the innovator. It will be available in India at a very significant discount as compared to the innovator drug. More Indian patients will get the benefit of a world-class biologic treatment".
Ranbaxy Laboratories reported a consolidated net profit of Rs 477.76 crore in the quarter ended 30 September 2014 compared with net loss of Rs 454.17 crore in the quarter ended 30 September 2013. Net sales rose 17.01% to Rs 3218 crore in the quarter ended 30 September 2014 over the quarter ended 30 September 2013.
Ranbaxy Laboratories 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.
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