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07-27-2012, 07:21 PM
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Ranbaxy Laboratories surged 4.5 percent after brokerage Macquarie said the U.S. Food and Drug Administration was "likely" to approve next month the distribution of acne medicine CIP-Isotretinoin in the United States.

Ranbaxy has an exclusive deal with Cipher Pharmaceuticals to market CIP-Isotretinoin in the United States, pending approval from the FDA.

Macquarie did not specify sources for its prediction, but noted such an approval could lead Ranbaxy to gain a 20-25 percent market share in the segment, making it a $120-160 million product.

"A likely approval of the product by the US FDA in our opinion could be a very positive trigger for Ranbaxy," said in a note dated April 4. Indian markets were closed Thursday and Friday due to public holidays.

The U.S. FDA was no immediately available for comment.

(Reporting by Abhishek Vishnoi; Editing by Rafael Nam)