India Dr. Reddy's begins phase 3 trial of new drug
MUMBAI, Aug 1 (Reuters) - Indian drug maker Dr. Reddy's Laboratories (REDY.BO) 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 (RDY.N), 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. (RANB.BO) have grown internationally by selling generics, or cheap versions of drugs off patent, often at prices which are as low as 3 percent 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 U.S. market.
Ahead of the announcement, Dr. Reddy's shares closed 1.8 percent lower at 622.45 rupees in a Mumbai market .BSESN that fell 4 percent as it was caught in global equity sell-off.
((Reporting by Himangshu Watts, editing by John Mair; Reuters Messaging: himangshu.watts.reuters.com@reuters.net +91 22 6636 9030)) Keywords: DRREDDYS DRUG/
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