Ohm Laboratories, a wholly owned subsidiary of Ranbaxy Laboratories, has received approval from the US Food and Drug Administration to manufacture and market Valsartan 40 mg, 80 mg, 160 mg and 320 mg tablets on an exclusive basis.

Valsartan is indicated for the treatment of high blood pressure and heart failure.

The office of generic drugs, USFDA has determined the Ohm formulations to be bioequivalent and have the same therapeutic effect as that of the branded drug Diovan.

Shares of the company gained Rs 24.55, or 5.20%, to trade at Rs 496.30 at the BSE (10.02 a.m., Friday).