Dr. Reddy's Laboratories launches Versavo® (bevacizumab) in the UK

Rhea-AI Summary

Dr. Reddy's Laboratories launches Versavo® (bevacizumab) biosimilar in the UK for treating various cancers, following successful launches in India and other countries. The product is a potential treatment option for metastatic colorectal cancer, advanced lung, brain, renal, cervical, ovarian, and breast cancers.

Insights

Oncology Doctor

Bevacizumab, the active compound in Versavo®, is a targeted therapy designed to inhibit angiogenesis, the process by which new blood vessels form, thereby starving tumors of the nutrients they need to grow. The approval and launch of a biosimilar such as Versavo® in the UK market present a significant development for cancer treatment protocols. Biosimilars are highly similar to their reference product and are rigorously tested to ensure they are as safe and effective. Their introduction often leads to reduced costs for healthcare systems and increased patient access to biologic treatments.

The availability of Versavo® in multiple cancer indications provides a versatile treatment option that could be integrated into various therapeutic regimens. The broader implication is the potential reduction in treatment costs for the National Health Service (NHS), which could result in reallocating resources to other areas of patient care or funding innovative therapies. However, the adoption rate by healthcare professionals and the impact on Dr. Reddy's market share in the UK will depend on factors such as pricing strategy, physician comfort with biosimilars and the existing competition from other bevacizumab biosimilars.

Market Research Analyst

Dr. Reddy's expansion into the UK with Versavo® represents a strategic move to penetrate a market with stringent regulatory standards, which can be seen as a testament to the company's commitment to quality and global expansion. The UK's biosimilar market is growing and the entry of Versavo® could intensify competition among existing biosimilar and originator brands. From a business perspective, this launch may positively influence Dr. Reddy's revenues in the European region, diversifying its income stream and potentially improving its stock valuation.

Market dynamics will play a important role in determining the success of Versavo®. Factors such as the rate of adoption, the brand's market penetration and the competitive pricing will influence its market performance. It's essential to monitor how Dr. Reddy's leverages its marketing and sales strategies to establish Versavo® against other bevacizumab options. Furthermore, this move could be a precursor to future biosimilar launches in the UK and Europe, setting a precedent for the company's operational capabilities in highly regulated markets.

Financial Analyst

Investors should note the potential for Versavo® to affect Dr. Reddy's financial performance. The launch in the UK, a market with a strong demand for cost-effective cancer treatments, could lead to a steady revenue stream from this product line. However, it is important to consider the investment in research and development, regulatory compliance and market entry costs that Dr. Reddy’s has incurred. The return on investment will hinge on Versavo®'s market capture and the subsequent sales performance.

The long-term financial impact also depends on the lifecycle of the product and the competitive landscape, including any patent expirations or emerging biosimilars. Investors should watch for quarterly sales data and management commentary in future earnings calls for insights into Versavo®'s market uptake and its contribution to the company's overall financial health. A successful launch and adoption could signal a favorable outlook for Dr. Reddy’s in the biologics market, potentially influencing investor sentiment and stock performance.

• Versavo® (bevacizumab) is indicated for the treatment of several types of cancers including metastatic colorectal cancer, advanced non-squamous non-small cell lung cancer, recurrent glioblastoma, metastatic renal cell carcinoma, advanced cervical cancer, ovarian cancer and metastatic breast cancer
• Versavo® is the first Dr. Reddy’s biosimilar product to be approved and launched in the UK
• Previously, Dr. Reddy’s launched Versavo® in India in 2019 and subsequently in other countries such as Thailand, Ukraine, Nepal and Jamaica. In Colombia, the product was launched under the brand name Persivia®.

HYDERABAD, India--(BUSINESS WIRE)-- Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY; hereafter referred to as “Dr. Reddy’s”), a global pharmaceutical company, announced the launch of Versavo® (bevacizumab) in the United Kingdom (UK). Dr. Reddy’s Versavo® is a (bevacizumab) biosimilar of Avastin®¹ and indicated for the treatment of several types of cancers, including metastatic colorectal cancer, advanced non-squamous non-small cell lung cancer, recurrent glioblastoma, metastatic renal cell carcinoma, advanced cervical cancer, ovarian cancer and metastatic breast cancer².

Versavo® is the first Dr. Reddy’s biosimilar product to be approved and launched in the UK. It is available in strengths of 100mg and 400mg single use vials.

Dr. Reddy’s launched Versavo® in India in 2019. Subsequently, Versavo® was introduced in other markets such as Thailand, Ukraine, Nepal, and Jamaica under the same brand name. In Colombia, the product was launched under the brand name Persivia®.

Dr. Jayanth Sridhar, Global Head of Biologics at Dr. Reddy’s, said: “The launch of Versavo® in a highly regulated market underscores our capability for global clinical development of high-quality biosimilar products. Versavo® is a potential treatment option for patients with different types of cancers. This launch reinforces our commitment to bring more biosimilar and other critical biological products to meet the unmet needs of patients, and strengthens our focus on oncology.”

About Dr. Reddy’s Versavo®:

Versavo® is bevacizumab biosimilar from Dr. Reddy's. Bevacizumab is the first antiangiogenic therapy proven to slow metastatic disease progression in patients with cancer. It is a humanized recombinant antibody that targets human vascular endothelial growth factor (VEGF), leading to deterred angiogenesis and tumor growth³.

About Dr. Reddy’s biosimilars programme:

Dr. Reddy’s biosimilars business is part of our key strategic initiatives expected to drive both near-term and long-term growth. Over the last 25 years, our Biologics team has developed into a fully integrated organisation with robust capabilities in the development, manufacture and commercialisation of a range of biosimilar products in oncology and immunology. We have a current portfolio of six commercial products marketed in India, with some products marketed in more than 25 other countries. In addition, we have several products in the pipeline in oncology and auto-immune diseases in various stages of development for global launches across regulated as well as emerging markets. We are also ramping up manufacturing capacity to support our global expansion plans. In July 2023, our proposed rituximab biosimilar application was accepted for review by the USFDA, EMA and MHRA.

About Dr. Reddy’s: Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY) is a global pharmaceutical company headquartered in Hyderabad, India. Established in 1984, we are committed to providing access to affordable and innovative medicines. Driven by our purpose of ‘Good Health Can’t Wait’, we offer a portfolio of products and services including APIs, generics, branded generics, biosimilars and OTC. Our major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Our major markets include – USA, India, Russia & CIS countries, China, Brazil and Europe. As a company with a history of deep science that has led to several industry firsts, we continue to plan ahead and invest in businesses of the future. As an early adopter of sustainability and ESG actions, we released our first Sustainability Report in 2004. Our current ESG goals aim to set the bar high in environmental stewardship; access and affordability for patients; diversity; and governance. For more information, log on to: www.drreddys.com.

Disclaimer: This press release may include statements of future expectations and other forward-looking statements that are based on the management’s current views and assumptions and involve known or unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words "may", "will", "should", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to without limitation, (i) general economic conditions such as performance of financial markets, credit defaults , currency exchange rates, interest rates, persistency levels and frequency / severity of insured loss events, (ii) mortality and morbidity levels and trends, (iii) changing levels of competition and general competitive factors, (iv) changes in laws and regulations and in the policies of central banks and/or governments, (v) the impact of acquisitions or reorganization, including related integration issues, and (vi) the susceptibility of our industry and the markets addressed by our, and our customers’, products and services to economic downturns as a result of natural disasters, epidemics, pandemics or other widespread illness, including coronavirus (or COVID-19), and (vii) other risks and uncertainties identified in our public filings with the Securities and Exchange Commission, including those listed under the "Risk Factors" and "Forward-Looking Statements" sections of our Annual Report on Form 20-F for the year ended March 31, 2023. The company assumes no obligation to update any information contained herein.

¹ Avastin® is a registered trademark of Roche.

² https://www.versavo.in/registered-medical-practitioners/about-versavo/index.html#content

³ https://www.versavo.in/registered-medical-practitioners/about-versavo/index.html#content

View source version on businesswire.com: https://www.businesswire.com/news/home/20240319146256/en/

INVESTOR RELATIONS

RICHA PERIWAL

richaperiwal@drreddys.com

MEDIA RELATIONS

USHA IYER

ushaiyer@drreddys.com

Source: Dr. Reddy’s Laboratories Ltd.

FAQ

What is the indication of Versavo® (bevacizumab)?

Versavo® is indicated for the treatment of metastatic colorectal cancer, advanced non-squamous non-small cell lung cancer, recurrent glioblastoma, metastatic renal cell carcinoma, advanced cervical cancer, ovarian cancer, and metastatic breast cancer.

Where has Dr. Reddy's launched Versavo® before the UK?

Dr. Reddy's launched Versavo® in India in 2019, followed by launches in other countries like Thailand, Ukraine, Nepal, and Jamaica. In Colombia, the product was launched under the brand name Persivia®.

Who is the Global Head of Biologics at Dr. Reddy's?

Dr. Jayanth Sridhar is the Global Head of Biologics at Dr. Reddy's.

What are the strengths available for Versavo®?

Versavo® is available in strengths of 100mg and 400mg single-use vials.

What is the significance of the launch of Versavo® in the UK?

The launch of Versavo® in the UK marks the first approval and launch of a Dr. Reddy's biosimilar product in the region, expanding the company's global presence.

What does Dr. Jayanth Sridhar say about the launch of Versavo®?

Dr. Jayanth Sridhar, Global Head of Biologics at Dr. Reddy's, mentions that the launch underscores their capability for global clinical development of high-quality biosimilar products and reinforces their commitment to oncology patients.

What is the brand name of Versavo® in Colombia?

In Colombia, the product was launched under the brand name Persivia®.