Ranbaxy said on Thursday that it has signed an exclusive licensing agreement with US-based Atrix Laboratories to develop and market prostrate cancer drug Eligard in India.

Ranbaxy has licensed the rights to register and commercialise various formulations of the drug -- Eligard 7.5 mg, Eligard 22.5 mg and Eligard 30 mg -- in India, a company release said in New Delhi.

As per the contract, the company would also maintain the option to license the Eligard 45 mg.

Ranbaxy would be responsible for regulatory submissions and other formalities required to gain approval for Eligard (leuprolide acetate for injectable suspension) from Indian authorities, it added.

Atrix would manufacture the products for Ranbaxy in their facility in Colorado, USA.