Biotech firm Biocon Ltd. on Tuesday said it has received approval from the government authorities for a generic diabetes medication.
The company has received approval for its Liraglutide drug substance and its wholly-owned subsidiary Biocon Pharma has received approval for its Liraglutide drug product (6 mg/ml solution for injection in pre-filled pen and cartridge), from the Drugs Controller General of India.
The approval is for the generic version of Victoza, indicated for the treatment of insufficiently controlled Type 2 Diabetes Mellitus in adults, adolescents and children aged 10 years and above, as an adjunct to diet and exercise, the company said in a regulatory filing.
"The approval of our first vertically integrated GLP-1 in India, Liraglutide, is another significant step forward in expanding access of this product to patients suffering from diabetes," Siddharth Mittal, chief executive officer and managing director of Biocon, said.
India has one of the highest number of people with diabetes globally, with estimates exceeding 77 million cases, and expected to rise further, he added.
"We are now gearing up to launch the product expeditiously through our commercialisation partners in India," Mittal stated.
Biocon shares were trading 0.81% up at Rs 336.75 apiece on BSE.2
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