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Bristol-Myers Squibb Co.

BRISTOL-MYERS SQUIBB CO.'s (New York) experimental diabetes drug, co-developed with Anglo-Swedish drugmaker AstraZeneca Plc, met its main target in a late-stage study, achieving significant reductions in a marker for blood glucose levels. When added to the common diabetes pill metformin, dapagliflozin cut both levels of both glycosylated hemoglobin--an indication of glucose concentration in the blood--and fasting plasma glucose in patients with type 2 diabetes after 24 weeks, hitting both its main and secondary targets. It is the first late-stage data on the once-daily pill dapagliflozin, a member of a class of drugs known as SGLT2 inhibitors and designed to block reabsorption of glucose to lower elevated blood sugar levels. If approved, it could be the first such drug to reach the market, and the companies have said they could file for approval in late 2010 or early 2011.

Analysts at Jefferies estimated peak sales of dapagliflozin at $1.5 billion but said they were cautious due to potential safety issues, as the drug's mechanism puts pressure on the kidney, and because of a lack of long-term data. Bristol-Myers closed the week off 16 cents at $22.26.
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Title Annotation:CORPORATE
Article Type:Brief article
Date:Oct 5, 2009
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