NEW DELHI:Drug major Ranbaxy Laboratories has received U.S. health regulator's approval to market generic version of Novartis' Diovan tablets, used for treating high blood pressure and heart failure, in the U.S. market with 180-days of marketing exclusivity.
"The Office of Generic Drugs, USFDA, has determined the Ohm formulation to be bio-equivalent and have the same therapeutic effect as that of the branded drug Diovan," it added.
According to IMS-MAT sales data for April 2014, the total annual market sales for Diovan stood at $2.19 billion.
"Ohm is pleased to announce this first-to-file FDA approval for Valsartan tablets, which will be introduced to all classes of trade, with 180-days marketing exclusivity, as soon as sufficient supplies are manufactured to meet the needs of the market," Ohm Laboratories Vice President, Sales and Distribution, North America, Bill Winter said.
Valsartan will be manufactured at Ohm facilities located in New Brunswick, New Jersey, he added.
North Brunswick-based Ohm Laboratories is engaged in the manufacturing, sale and distribution of generic, branded and over-the-counter products in the U.S. healthcare system.
Ranbaxy's shares were trading 5.78 percent up at 499 apiece on the BSE in morning trade.