Drug major Ranbaxy Laboratories has entered into a deal with South Korean biotech firm Medy-Tox for marketing its cosmetic product, Neuronox, in the Indian market.

Ranbaxy said it has entered into a strategic in-licensing agreement with Medy-Tox Inc and the introduction of the product would strengthen the company's presence in the dermatological segment.

In India, the current market size for this drug is about Rs 30 crore per annum.

"Neuronox comes as a welcome alternative to dermatologists in India and we aim to make botulinum toxin therapy more accessible and affordable to people in the country," Ranbaxy's Senior Vice President & Regional Director -- Asia & CIS -- Sanjeev Dani said in a statement.

Shares of Ranbaxy were trading at Rs 358.25, up 0.90 per cent, in the afternoon trade on the Bombay Stock Exchange.