Finally, some good news for the drugmaker.

The once-a-day hypertension drug, which is a new type of treatment and will be available in pharmacies this month, was supposed to be delayed as the FDA extended its review. The surprise cheered investors in Europe, where Novartis shares rose some 3 percent. Tekturna is forecast to be a blockbuster. It will be caled Rasilez outside the US, by the way.

Alistair Campbell, an analyst at J.P. Morgan, believes 2012 sales will reach $2 billion. “We see approval of Tekturna as vital in defending Novartis’ hypertension franchise, which faces generic competition in the US from 2012,” he wrote in a note to clients. That’s when Diovan, an older Novartis drug for high blood pressure, loses patent protection.

Credit Suisse upgraded Novartis shares, although analyst Steve Plag notes that Tekturna still faces significant competition among low-cost generics and other meds. And so Novartis will have to work hard to promote the drug to doctors.

You can read more here:

The FDA press release;
Novartis statement;
The Associated Press;
Bloomberg News;
MarketWatch.

[tags]High Blood Pressure, Hypertension, Novartis, Tekturna[/tags]