Drug manufacturer Ranbaxy Laboratories announced that its president and chief financial officer (CFO) Omesh Sethi has quitted from the company's services.

In a declaration, the company said, "Omesh Sethi, president and chief financial officer has resigned from the services of the company, with effect from January 25, 2011."

But, Ranbaxy did not mention any cause behind Sethi's exit.

Driven by an increase in sales in the United States, India's biggest drug manufacturer Ranbaxy recorded a more than two fold jump in its net profit, which stood at 312.8 crore for the three month period ended September 30.

Ranbaxy, which made a net profit of 116.6 crore during July-Sep 2009, also gained from constructive Forex movement duirng the third quarter.

Ranbaxy Laboratories, India’s largest pharmaceutical company, announced that the company has received the final approval from the US Food and Drug Administration (USFDA) to make and market Sumatriptan Succinate tablets in the country.

Sumatriptan Succinate tablets are used in treating migraine attacks.

While Ranbaxy got approval for 25 and 50 mg tablets of the drug, Aurobindo got the approval for 100 mg variants apart from 25 and 50 mg.

Japanese third-largest drug maker Daiichi Sankyo Co announced that it has completed the acquisition of India's Ranbaxy Laboratories Ltd.

According to the sources, the conglomerate has completed the proposed take over by purchasing 63.9% stake of Ranbaxy Laboratories for Rs 19,980 crore (about US$ 4.20 billion).

The sources further revealed that Daiichi Sankyo has entered into pact with the generic drugmaker in June to acquire a stake of at least 50.1% through a tender offer.