Washington, Mar 6 (IANS): The US arm of Indian drug major Ranbaxy Laboratories has entered into an in-licensing agreement with Alembic Pharmaceuticals Limited to exclusively market the generic version of Pfizer Inc.'s anti-depression drug Pristiq in the US.

Jacksonville, Florida, base Ranbaxy Pharmaceuticals Inc (RPI) announced Tuesday that Alembic manufactured Desvenlafaxine is a bioequivalent version of Pristiq with a market size of $590 million.

India based research and development pharmaceutical company, Alembic has received the final approval from the US Food and Drug Administration (USFDA) and Ranbaxy expects the product to be available in the US marketplace during the first quarter of 2013, it said in a media release.

Commenting on the development, Bill Winter, vice president, Ranbaxy trade sales and distribution, North America said, "Ranbaxy is pleased to partner with Alembic to offer a safe, effective, affordable generic alternative to the brand formulation much ahead of the patent expiration.

"We are committed to expand our portfolio of products offered in the US market for the benefit of patients, prescribers and the US healthcare system," he said.