By Rishika Sadam

MUMBAI, March 1 (Reuters) - India's largest drugmaker by revenue Sun Pharmaceutical SUN.NS is aiming to launch its experimental anti-obesity and type 2 diabetes drug in the next four to five years, Managing Director Dilip Shanghvi said on Friday.

The company is among many Indian drugmakers looking to grab a slice of the growing weight-loss drug market, which is expected to reach $150 billion globally by the end of the decade.

Sun Pharma's push into this category comes after companies such as Novo Nordisk NOVOb.CO and Eli Lilly LLY.N saw skyrocketing demand for their weight-loss drugs Wegovy and Zepbound, which boosted the drugmakers' valuations.

Sun Pharma's novel investigational drug, also known as Utreglutide (GL0034), belongs to a drug class called GLP-1 receptor agonists, which suppress appetite by mimicking gut hormones and have also been found to have medical benefits for conditions beyond type 2 diabetes and weight loss.

The active ingredients in Wegovy and Zepbound also belong to the same class of drugs.

Sun Pharma, which expects to conduct mid-stage trials for the drug this year, earlier said it demonstrated clinically meaningful weight loss and significant metabolic improvements in the first phase of trials.

"The findings highlight GL0034's potential as a therapeutic option for individuals with obesity, providing not only weight loss but also improvements in key cardiometabolic biomarkers," it said last year.

The company will focus on launching it in India as well as global markets, a source with knowledge of the matter said on Friday.

Sun Pharma said in August it would consider a partnership or licensing the product in large markets such as the U.S. and Europe for commercialization.

Generic drugmakers such as Dr Reddy's REDY.NS, Cipla CIPL.NS and Lupin LUPN.NS are also developing their own generic versions of these drugs, the launch of which is subject to patent expiry of active ingredients in original drugs.

(Reporting by Rishika Sadam in Mumbai; Editing by Shounak Dasgupta)

((Rishika.Sadam@thomsonreuters.com))