Ranbaxy won approval to produce a long-delayed generic version of Novartis AG NOVN.VX -0.31% ‘s blockbuster blood-pressure drug Diovan says Sachin Karpe. This approval will be prove important in improving company’s prospects after years of regulatory problems. This production was to begin in 2012 but Food and Drug Administration had banned export of this drug to US. Ranbaxy;s New Jersey based subsidiary Ohm Laboratories will make the drug.
Ranbaxy Wins FDA Approval Says Sachin Karpe