Shares of Ranbaxy Laboratories rose more than 5 per cent after the company announced a U.S. regulatory approval for a hypertension drug to be launched by one of its subsidiaries.
The stock rose by 5.6 per cent to Rs. 497.5 in morning trade at the BSE. The shares had touched a high of Rs. 510.45 in the opening trade.
Ranbaxy announced that its wholly owned subsidiary Ohm Laboratories will launch Valsartan Tablets and has received approval from the US FDA with 180-day marketing exclusivity for generic version in the treatment of hypertension and heart failure.
Earlier in April, Sun Pharmaceuticals Industries announced acquisition of Ranbaxy in an all-share deal.
Sun Pharma shares rose by over 4 per cent to Rs. 661, while its group firm Sun Pharma Advanced Research Company was up 1.1 per cent at Rs. 162.10.