Ranbaxy Wins U.S. Approval for Generic Diovan for Heart
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Ranbaxy Laboratories Ltd. surged to the highest in almost 18 months after winning U.S. approval to make a generic version of Novartis AG’s blood pressure drug Diovan, almost two years after the $3.5 billion medicine lost patent protection.
Ranbaxy gained 5.2 percent to 497.55 rupees in Mumbai, the highest since Jan. 11, 2013. Sun Pharmaceutical Industries Ltd., which agreed in April to purchase Ranbaxy, gained 4.1 percent to a record 660.85 rupees.