Ranbaxy Laboratories, Country's largest drug maker, has entered into a licensing agreement with South Korean firm Medy-Tox Inc. for selling its cosmetic product, Neuronox, in India.

The company will launch Medy-Tox's anti-ageing medicine Neuronox in India to boost its presence in the dermatological segment. In India, the current market size for this drug is about Rs 30 crore per annum.

Medy-Tox is a privately held biopharmaceutical company focused on leveraging its proprietary technologies in the microbial toxin area to develop innovative biotech products to diagnose and treat diseases.

The shares of Ranbaxy closed today at Rs 351 on BSE. The counter has made 52-week-high and low of Rs 390 and Rs 133.