Ranbaxy Gets FDA Nod For New Generic Blood-Pressure Drug

Ranbaxy Laboratories Limited (NSE:RANBAXY) (OTCMKTS:RBXLY) got green light from the U.S. Food and Drug Administration (FDA) to launch its generic version of Novartis AG (ADR) (NYSE:NVS) (VTX:NOVN)’ Diovan with 180-day exclusivity. Ranbaxy’s wholly-owned subsidiary Ohm Laboratories Inc. received the FDA nod Thursday to produce a generic version of Novartis AG (ADR) (NYSE:NVS) (VTX:NOVN)’s blockbuster. FDA’s nod in favor for Ranbaxy’s valsartan Ranbaxy Laboratories Limited (NSE:RANBAXY) (OTCMKTS:RBXLY) has been anticipating marketing approval of valsartan, a generic drug for the treatment of high blood pressure and heart failure. However Thursday’s announcement is a sweetener to Ranbaxy which has been facing a succession of…