Caraco Pharmaceutical Laboratories Ltd. said Thursday it launched a generic version of Sanofi-Aventis' cancer treatment Eloxatin.
Teva Pharmaceutical Industries Ltd. also sells a generic version of the drug, which is aimed at colon and rectal cancer.
Caraco said it is launching the 50 milligram and 100 milligram generic doses of the drug after the FDA approved Sun Pharma's application. Caraco is a subsidiary of Sun Pharma.
The company said Oxaliplatin injections, the generic name for Eloxatin, have annual sales of about $1.3 billion in the U.S.
Shares of Caraco rose 37 cents, or 7.8 percent, to $5.12 in afternoon trading. The stock has traded between $1.75 and $6.79 over the last 52 weeks.