India's Ranbaxy gets FDA approval for Novartis's Diovan generic

By Toni Clarke and Zeba Siddiqui WASHINGTON/MUMBAI (Reuters) - India's Ranbaxy Laboratories Ltd has received approval from the U.S. Food and Drug Administration (FDA) to launch a cheaper copy of Novartis AG's blood pressure pill Diovan, bolstering its outlook after a raft of regulatory bans for poor production quality at its India facilities dented investor sentiment. Ranbaxy, which is in the process of being acquired by Indian drugmaker Sun Pharmaceutical Industries Ltd for $3.2 billion, will be the first company to launch a copy of Diovan in the United States and will be entitled to six months of exclusivity to sell it. The drug should add about $200 million to Ranbaxy's sales and $100 million to its profit after tax during the exclusive sale period, said Praful Bohra, a senior research analyst at Mumbai-based brokerage Nirmal Bang.



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