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India Ranbaxy settles with GlaxoSmithKline on Imitrex

Mon Jan 21, 2008 12:11am EST

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MUMBAI, Jan 21 (Reuters) - Indian drugmaker Ranbaxy Laboratories Ltd (RANB.BO) said on Monday it had settled with GlaxoSmithKline (GSK.L) on a possible patent litigation for a generic version of the firm's Imitrex tablets, propping its share up in a falling market.

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Under the terms of the settlement, Ranbaxy may sell a generic version, sumatriptan succinate tablets, in multiple strengths in the United States from December 2008, it said in a statement.

Other terms of the settlement agreement were not disclosed.

Annual sales of Imitrex were $985 million, Ranbaxy estimates.

At 0510 GMT, Ranbaxy's shares were up 0.9 percent at 390 rupees, while the benchmark index .BSESN was down 2.8 percent. (Reporting by Rina Chandran; Editing by Charlotte Cooper)

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