July 9 (Reuters) – Dr Reddy’s Laboratories said on Thursday that it is delaying commercial supplies of semaglutide due to an issue related to the active pharmaceutical ingredient used in the drug, sending its shares down.
Semaglutide is the key ingredient in Novo Nordisk’s blockbuster diabetes and obesity medicines. Dr Reddy’s has also launched its semaglutide injection, Obeda, in India to treat diabetes.
The Indian drugmaker said that certain batches of semaglutide were found to be out of specification and that it is investigating the root cause and taking measures to ensure product quality.
“There is no impact on patient safety or on the product’s existing global regulatory filings,” Dr Reddy’s said in a statement.
Dr Reddy’s did not specify until when the supply issues would last and did not disclose further details.
Its shares were trading 1.8% lower at 1,324 rupees at 10:20 a.m. IST, while the pharma index was up 1.8% and Nifty 50 was 0.6% higher.
More than half a dozen Indian drugmakers have launched lower-cost copies of Novo Nordisk’s Ozempic and Wegovy, vying for a share of the fast-growing global obesity treatment market.
Demand for the drugs has plateaued in June, according to research firm Pharmarack.
(Reporting by Kashish Tandon in Bengaluru; Editing by Sherry Jacob-Phillips and Mrigank Dhaniwala)
Comments