WCAX.COM Local Vermont News, Weather and Sports-FDA approves new diabetes drug Onglyza
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Associated Press - July 31, 2009 2:35 PM ET
WASHINGTON (AP) - Federal health regulators have approved a potential blockbuster diabetes drug from Bristol-Myers Squibb and partner Astrazeneca.
The Food and Drug Administration says it approved the companies' drug Onglyza, which is designed to reduce blood sugar levels in patients with type 2 diabetes. The drug is part of a new wave of medications taking aim at the U.S. diabetes market, which has grown to more than $5 billion as the disease becomes more prevalent.
Onglyza's chemical makeup is similar to Merck's Januvia, which had blockbuster sales of $1.4 billion last year.
Analyst estimates of Onglyza's market potential vary, given its similarity to a more established drug. Sales estimates range from $300 million per year to more than $1 billion.
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