Drug major Ranbaxy Laboratories said on Tuesday it has launched a new chemical, Lulifin (Luliconazole), used in the treatment of fungal infection.

The company has launched a new chemical entity Lulifin (Luliconazole) in the Indian dermatology market, the pharma major said in a filing to the Bombay Stock Exchange.

This launch follows a strategic in-licensing agreement with Japan-based Summit Pharmaceuticals International Corporation, which allows Ranbaxy exclusive marketing rights of the chemical in India.

"Dermatology is one of the top priority therapeutic areas for us and we are pleased to introduce Lulifin in the Indian market. We would be manufacturing the product in India under licence from SPI, Japan," Ranbaxy senior vice president and regional director Asia, CIS and Africa Sanjeev Dani said.

SPI is a subsidiary of Sumitomo Corporation and is an integrated service company specialising in the area of pharmaceutical research and development.

"Lulifin is a topical imidazole and is indicated for Cutaneous mycoses caused by Tinea pedis, Tinea corporis, Tinea cruris," the company said.

Ranbaxy already has a strong presence in the dermatology market with products such as Zole-F, Minoz, Suncros, Fucidin and Teczine, among others.

Shares of Ranbaxy Laboratories were trading at Rs 518.80 on the BSE, up 0.26 per cent from its previous close.