Drug maker Ipca Laboratories Ltd said on Thursday it had entered into an alliance with Ranbaxy Laboratories Ltd to market its products in the United States.
Ipca also said it would spend about Rs 60 crore ($13.1 million) to set up a new plant, meeting US regulatory requirements, in Madhya Pradesh.
Ranbaxy's US unit, Ranbaxy Pharmaceuticals Inc, would file for regulatory approvals and market the generics developed by Ipca. Ranbaxy — India's top drug maker — would initially support manufacture of the products, Ipca said in a statement.
The alliance would first launch furosemide tablets in several dosages, Ipca said. Furosemide is a diuretic drug used in the treatment of congestive heart failure and edema.
Ipca shares, which rose as much as Rs 391, were trading 4.75 per cent up at Rs 381.85 in a firm Mumbai market. Ranbaxy shares were 1.1 per cent up at Rs 417.20.