It has been reported that Ranbaxy Laboratories will soon be launching its cholesterol drug Lipitor. It is believed that the drug will be out by 30th November. Following the revelation of the new drug, its shares on the BSE rose by 4% today.

It has been informed that the Ranbaxy is yet to take Food and drug Administration’s approval before launching its Lipitor, which is a generic version of Lipitor. The drug is available in the US where it is sold annually for $7 billion.

Countries, who would like to sell these drugs, will be required to get approval from FDA. For sale of the drug, pharmaceutical companies will be needed to wait for a period of 180 days after the launch of the drug.

Meanwhile, Ranbaxy's Chairman expressed concern over the USD 1 billion penalty imposed on the company. The penalty was imposed on it after it was found that it’s two units Paonta Sahib and Dewas violated the rules. As result, the two units are under the scanner of the FDA because of it the sales of Ranbaxy in the US tumbled down.