Ranbaxy Laboratories gained 3.18% to Rs 542 at 14:14 IST on BSE on receiving tentative approval from US Food and Drug Administration for manufacturing and marketing valganciclovir hydrochloride tablets in 450 miligram strength.
The stock hit a high of Rs 545 and a low of Rs 518.50 so far during the day. The stock had a 52-week high of Rs 613.70 on 19 June 2008 and a 52-week low of Rs 299.90 crore on 22 January 2008.
The company has an equity capital of Rs 186.62 crore. Face value per share is Rs 5.
The current price of Rs 542 discounts its Q1 March 2008 annualised EPS of Rs 11.09, by a
PE multiple of 48.75.
Valganciclovir hydrochloride tablets are used for treating cytomegalovirus (CMV) retinitis in patients with acquired immune deficiency syndrome (AIDS). The drugs also used for preventing CMV diseases in kidney, heart and kidney-pancreas transplant patients. The annual market for the drug in US is $239 million
On 19 June 2008, Ranbaxy Laboratories (RLL) the Indian drug maker and Pfizer reached an out-of-court settlement on their litigation over the world’s largest selling drug, Lipitor. According to the settlement, Ranbaxy will launch its generic version of Lipitor, the $12.7-billion cholesterol-lowering medicine, and combination drug Caduet in November 30, 2011 in the US with exclusive marketing rights for 180 days, along with the innovator company. Ranbaxy has agreed to keep the generic versions of the Pfizer's cholesterol pill Lipitor off the US market for extra 20 months. As per the agreement, Ranbaxy will not sell a generic of Lipitor, the world's best-selling drug, until November 2011.
Daiichi Sankyo struck a deal on Wednesday, 11 June 2008, worth up to $4.6 billion to take control of Ranbaxy. The Japan’s third biggest drug maker agreed to acquire 34.8% from Ranbaxy's founders, the Singh family.
Subsequently on 16 June 2008, Daiichi-Sankyo launched an open offer to acquire up to 20% stake in Ranbaxy laboratories at a price of Rs 737 each, to the minority shareholders of the company. The offer is scheduled to open on 8 August 2008 and closes on 27 August 2008 In May 2008, Ranbaxy singed drug discovery & development agreement with US based Merck & Co for discovering new products in the anti-infective segment. On 28 April 2008, RLL received final approval from the US Food and Drug Administration to manufacture and market cetirizine hydrochloride oral solution.
RLL’s net profit declined 10.3% to Rs 103.42 crore on 0.1% fall in net sales to Rs 987.29 crore in Q1 March 2008 over Q1 March 2007.
Ranbaxy Laboratories is India's largest drug maker by sales.
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