by Christopher Freeburn | December 13, 2013 11:39 am
An U.S. Food and Drug Administration (FDA) advisory panel has overwhelmingly voted to endorse a new diabetes drug developed by AstraZeneca (AZN) and Bristol-Myers Squibb (BMY).
The panel’s non-binding recommendation of dapagliflozin comes after the FDA refused to approve the drug in January 2012, citing potential safety issues. The panel agreed that the drug had potential cardiovascular risks, but indicated that the benefits of the medication trumped those concerns, Reuters notes.
By 2019, the drug could generate global sales of $806 million, according to analysts.
Dapagliflozin reduces blood sugar in diabetes sufferers by blocking a protein that allows the kidney to reabsorb sugar. The drug has been approved in Europe, where is it marketed under the name Forxiga.
Shares of AstraZeneca rose more than 1% in Friday morning trading, while Bristol-Myers Squibb slipped modestly.
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