• Novartis drew $4.7 billion in sales from Gleevec in 2014
  • Sun to launch generic Gleevec in the U.S. on February 1

Sun Pharmaceutical Industries Ltd., India’s largest drugmaker, said it received approval from the U.S. Food and Drug Administration to make a generic version of Novartis AG’s cancer drug Gleevec.

Sun was the first to file its application to make a generic version of the pill, making it eligible for six months of marketing exclusivity in the U.S., the company said in an e-mailed statement today. Sun’s shares jumped 3.9 percent to 754.95 rupees at 11:17 a.m. local time, set for the highest level in almost a month.

Novartis’ blockbuster treatment for chronic myeloid leukemia contributed $4.7 billion in sales last year and was its best-selling drug, according to data compiled by Bloomberg. Under the terms of a settlement with Novartis, Sun will be able to launch its generic version on Feb. 1, according to the statement.

Another Indian drugmaker, Dr. Reddy’s Laboratories Ltd., also entered a settlement with Novartis and its date of launch is “a few quarters after Sun’s launch,” Chief Operating Officer Abhijit Mukherjee said in a call with analysts on Oct. 29.

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