New Delhi, Dec. 23 -- As drugmakers race to prepare for the launch of the generic version of the blockbuster weight loss drug semaglutide in India in March, Mumbai-based Ajanta Pharma sees a plumper opportunity overseas.

Ajanta, which gets over 40% of its revenue from these markets, has inked an agreement with Biocon to distribute generic semaglutide in 26 countries in Asia and Africa next year, as patents expire. Under the deal, Ajanta will procure the finished product-the semaglutide injectable pen-from Biocon and distribute it under its own brand exclusively in 23 countries and semi-exclusively in the three other countries, the company's top executive told Mint in an interview.

Ajanta is betting on its strong ground presence in these...