New Delhi, February 11 OneSource Speciality Pharma announced on Wednesday that, along with Hikma, it has received approval from the Saudi Food and Drug Authority for a generic version of the diabetes and weight reduction medication Ozempic.
The company has partnered with Hikma Pharmaceuticals PLC, based in the UK, for commercializing the product in the Middle East and North Africa (MENA) region.
Under the exclusive agreement, OneSource will manufacture and supply semaglutide from its plant in Bengaluru, and Hikma, the largest pharmaceutical company in MENA based on sales, will use its extensive commercial reach and institutional relationships in the region to expand access across both private and institutional channels, OneSource said in a regulatory filing.
Neeraj Sharma, CEO & MD, OneSource Speciality Pharma, said it is noteworthy to receive approval in Saudi Arabia, one of the largest global markets for GLP-1, with significant long-term potential.
"We are confident that collaborating with Hikma, the largest pharmaceutical company in the MENA region by sales, will give us a strong platform to expand access to this important therapy for both private and institutional customers," he added.
Shares of OneSource Speciality Pharma ended 0.02 per cent down at Rs 1,192.80 apiece on BSE on Wednesday.