Ranbaxy will market Sirtex's liver cancer medicine, SIR-Spheres, in India, Bangladesh, Sri Lanka and Nepal.
The product, approved by the US Food and Drug Administration, is used on patients with inoperable tumours.
Ranbaxy had earlier tied up with Hyderabad based Zenotech to market its oncology products in the US and Canada.
Sanjeev Dani, senior vice-president and
regional director, Asia and CIS, Ranbaxy, said, "We are pleased to partner with Sirtex. We shall work towards creating a productive relationship."
SIR-Spheres is used to treat patients with liver cancer in Australia, Europe, New Zealand, Asia and the US.
Colorectal cancer is one of the most common cancers in the West.
The incidences of CRC are also rising in India. Currently, the prevalence is close to 4 cases per 100,000 persons.
Obesity, tobacco use, dietary factors and inflammatory bowel disease are some of the risk factors associated with CRC.