Glenmark Pharma Launches First Biosimilar Anti-Diabetic Drug In India; Stock Rises

Glenmark Pharmaceuticals has launched the first biosimilar of the popular anti-diabetic drug, Liraglutide, in India, which is expected to lower the therapy cost by approximately 70% and be marketed under the brand Lirafit, having received a nod from the Drug Controller General of India.

The prescription medicine is priced around Rs 100 for a standard dose of 1.2 mg (per day) as it belongs to the class of glucagon-like peptide 1 receptor agonist (GLP-1 RA) drugs, which increase glucose-dependent insulin secretion and decrease appropriate glucagon secretion, with global approval for the management of type 2 diabetes mellitus in adult patients, especially in the United States and European Union.

“With this launch, we have now ventured into the injectable anti-diabetic market, taking another significant stride in the diabetes therapy space,” Alok Malik, president and business head, India Formulations, Glenmark Pharmaceuticals, said.

Clinical trials on Liraglutide have shown several benefits, including effectively lowering glycemic parameters, weight reduction, and cardiovascular safety in patients with type 2 diabetes mellitus.

The launch had an impact on the equity market, with Glenmark Pharma stock rising to Rs. 898.40. Company stock hit a 52-week high on Wednesday.

However, analysts have mixed guidance on the stock, with 7 analysts giving a hold signal and 1 having a “buy” rating.