PPD Inc Licenses Statin from Ranbaxy Laboratories for treatment of dyslipidemia

Ranbaxy Laboratories Ltd has announced that the Company and PPD, Inc. made an announcement that PPD has acquired an exclusive worldwide license to develop, manufacture and market the Company's novel statin for the treatment of dyslipidemia.

The preclinical toxicology, drug metabolism and pharmacokinetic data suggest that the Company statin has the potential to offer an improved safety profile over currently marketed statins. PPD plans to conduct additional preclinical studies and file an investigational new drug application with the U.S. Food and Drug Administration in April 2007.

Under the terms of the agreement, the Company will he entitled to receive milestone payments upon the occurrence of specified clinical events. In the event of approval to market a drug product, the Company will be entitled to receive royalties on sales of the drug and sales-based milestones. PPD will be responsible for all costs and expenses associated with the development and commercialization of the compound, including preclinical and clinical studies. The Company has retained co-marketing rights to the compound in India.

"This is yet another milestone in Ranbaxy's evolution as a strong global research Company," said Malvinder Singh, chief executive officer and managing director of the Company. "We are pleased to partner with PPD in taking this potential drug forward promising superior treatment for dyslipidemia and related areas."

In NSE, the shares of Ranbaxy Laboratories was trading at Rs.341.80, up by 1.16% over its previous close of Rs.337.85. The stock had an intraday low of Rs.337.40 and high of Rs.345.

Source : Equity Bulls

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