ZURICH, Nov 28 (Reuters) - Novartis' new heart failure drug was granted a speedier evaluation by the European health regulator, shortening the review by 60 days, the Swiss drugmaker said on Friday.

Basel-based Novartis in August reported data for LCZ696, which found the drug cut the risk of both cardiovascular death and admissions to hospital by a fifth.

Novartis said it expected to ask EU regulators early next year for approval to sell the drug, which it expected to be a "multi-blockbuster" with sales between $2 billion and $5 billion. It also expected to submit the drug to U.S. health regulators by next month.

(Reporting by Katharina Bart; Editing by Biju Dwarakanath)