FDA accepts application for weekly diabetes drug

NEW YORK (AP) — Drugmakers Eli Lilly and Co., Amylin Pharmaceuticals Inc. and Alkermes Inc. said Tuesday the Food and Drug Administration has accepted their application for the once-a-week diabetes drug exenatide.

Exenatide is the primary ingredient of Byetta, a treatment for type 2 diabetes. While Byetta is injected twice a day, the newer drug is intended to be injected weekly. Both products are designed to help diabetes patients keep their blood glucose under control by sending a signal to the pancreas, leading to the production of insulin. That reduces appetite and can also reduce weight.

Lilly, based in Indianapolis, has not launched a new drug since the original Byetta in 2005. Sales of Byetta totaled $751.4 million in 2008. Amylin develops diabetes treatments and obesity treatments, and Alkermes developed the extended-release technology used in the drug.

In aftermarket trading, Lilly shares were unchanged at $33.49, while Amylin shares gained 29 cents, or 2.3 percent, to $12.75. Alkermes stock rose 24 cents, or 2.3 percent, to $10.50.