(RTTNews) - Sandoz Group AG (SDZNY) announced on Friday that it has received marketing authorization in Canada for Sandoz Semaglutide, a generic version of semaglutide.

The approval covers semaglutide, the active ingredient in Novo Nordisk's Ozempic, which is used to improve blood sugar control in adults with type 2 diabetes (T2D).

Sandoz said the approval builds on recent milestones, including FDA acceptance of its tirzepatide and approval of Owozy in Brazil.

According to the Public Health Agency of Canada, nearly six million Canadians live with diabetes, with T2D accounting for approximately 90%-95% of cases.

Semaglutide is a glucagon-like peptide-1 (GLP-1) receptor agonist that helps lower blood glucose by stimulating insulin secretion and reducing glucagon release in response to elevated blood glucose levels.

The Canadian GLP-1 market is estimated to be worth $2.6 billion, with nearly 12 million semaglutide injection pens issued annually.

Sandoz Semaglutide has been approved in Canada for once-weekly administration as a subcutaneous injection in adult patients with T2D. It will be available in three dose strengths through two pen presentations: a pen delivering 0.25 mg and 0.5 mg doses (containing 2 mg of semaglutide [1.34 mg/mL]) and a pen delivering 1 mg doses (containing 4 mg of semaglutide [1.34 mg/mL]).

Chief Executive Officer of Sandoz, Richard Saynor said, "With this approval, Sandoz is advancing its GLP-1 strategy and expanding access to affordable treatment options to patients and support healthcare systems."

On Thursday, Sandoz shares closed at $82.19, up 3.06% on the OTC Markets.