By Stephen Nakrosis 
 

The U.S. Food and Drug Administration on Wednesday said it approved the first interchangeable biosimilar insulin product.

The FDA said it granted approval of the product, Semglee, to Mylan Pharmaceuticals Inc.

Semglee, or insulin glargine-yfgn, is biosimilar to and can be substituted for Lantus, or insulin glargine, the FDA said.

"Approval of these insulin products can provide patients with additional safe, high-quality and potentially cost-effective options for treating diabetes," the FDA said.

More than 34 million people in the U.S. today have been diagnosed with diabetes, according to the FDA.

-Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

July 28, 2021 18:37 ET (22:37 GMT)