FDA approves Ranbaxy's generic version of Novartis's Diovan

(Reuters) - The U.S. Food and Drug Administration said on Thursday it has approved Ranbaxy Laboratories Ltd's generic version of Novartis AG's blood pressure drug Diovan.

Novartis lost its patent rights to Diovan in the United States at the end of 2012 but has avoided generic competition because of multiple quality control problems at Ranbaxy that prevented the company from exercising its right to become the first generic version of the drug on the market.

(Reporting by Toni Clarke in Washington; Editing by Bill Trott)