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LONDON (Reuters) - Britain's biggest drugmaker GlaxoSmithKline said on Thursday it had filed for European approval of its new once-weekly diabetes drug albiglutide, as tries to gain a foothold in a crowded market.
Albiglutide, used to treat type 2 diabetes, belongs to the same class of injectable GLP-1 medicines as Victoza, from Novo Nordisk, and Byetta and Bydureon, from Bristol-Myers Squibb and AstraZeneca's Amylin unit.
The drug has not yet been approved anywhere in the world, GSK said.
As a latecomer to the GLP-1 market, however, analysts believe albiglutide may struggle to generate major sales.
GSK made a similar submission in the United States in January for albiglutide, one of a number of new drugs the company hopes will revive its product portfolio.
Reporting by Alice Baghdjian; Editing by Paul Sandle