By Rishika Sadam

HYDERABAD, April 18 (Reuters) - Indian drugmaker Biocon

, looking to grab a piece of the exploding weight-loss

drug market as early as possible, is developing its own version

of Novo Nordisk's wildly popular Wegovy and is

prepared to conduct a clinical trial next year if needed, the

CEO told Reuters.

Wall Street has forecast the market for this new generation

of obesity treatments reaching at least $100 billion by the end

of the decade, and Biocon is taking steps to be a part of that

windfall.

"We're going to develop semaglutide for India even if it

requires a clinical trial," Chief Executive Officer Siddharth

Mittal said in an interview of the active ingredient in Wegovy

and Ozempic. "We're striving to be in the market as one of the

early players. Either it would be in 2026 or not too late after

that."

The Bengaluru-based company, which derives most of its

revenue from foreign markets such as the United States, also

aims to first launch generic versions of the weight-loss drugs

in other emerging markets such as Brazil, Mexico, and Saudi

Arabia.

Semaglutide will lose patent protection in those countries

in 2026, Mittal said, adding that the company is talking to

local manufacturers regarding partnerships to ensure supply.

Novo did not immediately respond to a request for comment on

patent expirations in the respective countries.

Biocon will first try to get a waiver on clinical trials

from Indian regulators and instead submit bioequivalence studies

showing that their version has an equivalent effect as

semaglutide, Mittal said.

The company is also developing a version of tirzepatide, the

active ingredient in Eli Lilly's ( LLY ) rival obesity treatment

Mounjaro and Zepbound, Mittal said, without providing details on

the timing or initial marketing strategy.

Both Novo and Lilly have so far been unable to keep up with

seemingly insatiable demand for their obesity treatments.

Biocon has been spending roughly 2.5 billion rupees ($30

million) a year on generics research and development with 40%

dedicated to developing peptides including for the weight-loss

drugs.

Biocon will likely face competition from Indian rivals such

as Dr Reddy's and Cipla, which are aiming to

bring their own versions of Wegovy to India, subject to patent

expiries.

Novo has so far launched Wegovy in a few wealthy countries,

but said it aims to bring the drug to India by 2026.

Lilly diabetes treatment Mounjaro is under review by India's

drug regulators for weight loss. It was approved for weight loss

in Europe under the same brand name but is sold in the United

States for obesity as Zepbound.

Wegovy helped patients in clinical trials lose an average of

15% of their body weight, while Mounjaro led to an average loss

of 18%. The medicines belong to a class of therapies known as

GLP-1 receptor agonists which help control blood sugar and slow

digestion, helping people feel full longer.

Biocon has received UK approval for its version of Novo's

Saxenda, an earlier generation GLP-1 diabetes drug that also

helped people lose about 5% of their body weight. It has also

submitted the therapy for approval in Europe and India, Mittal

said.

($1 = 83.5310 Indian rupees)