Dr Reddy's begins phase 3 trial of new drug
Dr Reddy's Laboratories said on Wednesday it had reached an important milestone in testing an anti-diabetic molecule which could become the first patented drug from India.
By PTI |
MUMBAI: Dr Reddy's Laboratories said on Wednesday it had reached an important milestone in testing an anti-diabetic molecule which could become the first patented drug from India.
Dr. Reddy's, India's only drug maker listed on the New York exchange, said a patient had been administered a dose of the drug, balaglitazone, as part of the third phase of trials for the oral compound. The drug is being developed jointly with Rheoscience, a Danish biopharmaceutical company, Dr Reddy's said in a statement.
"If it completes the trial successfully, it will be the first patented drug from India," a spokeswoman for the Hyderabad-based company said. The drug may be launched by 2010 if tests were successful, she said. Indian drug makers such as Dr Reddy's and Ranbaxy Laboratories Ltd have grown internationally by selling generics, or cheap versions of drugs off patent, often at prices which are as low as 3 per cent of the branded product.
Under the agreement between the two firms, Rheoscience will have marketing rights in the European Union and China, while Dr Reddy's will hold the rights in the rest of the world, including the key US market.
Ahead of the announcement, Dr Reddy's shares closed 1.8 per cent lower at Rs 622.45 in a Mumbai market that fell 4 per cent as it was caught in global equity sell-off.
Dr. Reddy's, India's only drug maker listed on the New York exchange, said a patient had been administered a dose of the drug, balaglitazone, as part of the third phase of trials for the oral compound. The drug is being developed jointly with Rheoscience, a Danish biopharmaceutical company, Dr Reddy's said in a statement.
"If it completes the trial successfully, it will be the first patented drug from India," a spokeswoman for the Hyderabad-based company said. The drug may be launched by 2010 if tests were successful, she said. Indian drug makers such as Dr Reddy's and Ranbaxy Laboratories Ltd have grown internationally by selling generics, or cheap versions of drugs off patent, often at prices which are as low as 3 per cent of the branded product.
Under the agreement between the two firms, Rheoscience will have marketing rights in the European Union and China, while Dr Reddy's will hold the rights in the rest of the world, including the key US market.
Ahead of the announcement, Dr Reddy's shares closed 1.8 per cent lower at Rs 622.45 in a Mumbai market that fell 4 per cent as it was caught in global equity sell-off.
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