Glenmark Pharmaceuticals Ltd. secured U.S. Food and Drug Administration approval to market a generic version of Allergan PLC's hypertension drug Bystolic.

Glenmark will launch its Nebivolol tablets three months before Bystolic's patent expires as part of a settlement agreement with Allergan.

Bystolic generated annual sales of $1 billion in the 12-month period ending March 2017, according to IMS Health Holdings Inc. data.

Glenmark Pharmaceuticals also recently secured U.S. FDA approval to market a generic version of Benicar, Daiichi Sankyo Co. Ltd.'s hypertension drug.