US pharmaceutical company Mylan Inc is suing the US Foods and Drugs Administration for an injunction on the launch of Ranbaxy�s cholesterol treatment drug, which is a generic version of Pfizer�s Lipitor. Ranbaxy shares fell more than 4% following the news and at 11:35 hrs the stock was trading at Rs 447.50 down 4.5%. It had touched a low of Rs 444.05 earlier in the session. Lipitor will go off-patent in the US in November 2011. Ranbaxy is expected to begin selling Lipitor in November with 180 days exclusivity, and is awaiting approval from the US FDA. Mylan has reached a settlement with Pfizer and is expected to launch its own version of Lipitor in 2012. Lipitor has sales worth over USD 5 billion in US and the drug is estimated to contribute USD 500-600 million to Ranbaxy during the exclusivity period.
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