6/27/2014 7:06:29 AM
(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 rival drugmaker to launch a copy of Diovan in the United States and will be entitled to six months of exclusivity to sell it.
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