Dr Reddy's Labs' New Biosimilar Gains European Approval

Dr Reddy’s Laboratories received European Commission approval for its biosimilar AVT03, intended for treating osteoporosis. The company collaborates with Alvotech for development and commercialization. The decision covers all EU member states and EEA countries. Dr Reddy’s is responsible for registration and marketing, including in the US.

In a landmark advancement for the Hyderabad-based pharma company, Dr Reddy's Laboratories announced on Monday that its biosimilar, AVT03, has been granted marketing authorization by the European Commission.

The newly approved biosimilar is poised to treat osteoporosis across Europe, Iceland, Liechtenstein, and Norway, offering an alternative to Prolia and Xgeva for various bone-related conditions in men and women.

This authorization follows a strategic partnership with Alvotech, aimed at manufacturing and commercializing AVT03 across the US and Europe. Despite the positive news, Dr Reddy's shares marginally dipped by 1.59 percent on the stock market.

(With inputs from agencies.)