Bristol-Myers Gets EU Approval For Diabetes Drug

Drugmaker Bristol-Myers Squibb Co. says its new diabetes drugs, Onglyza, has been approved for sale in the European Union's 27 countries.

That means Onglyza will compete with Merck's blockbuster diabetes drug Januvia both in the EU and in the United States, where the Bristol Myers drug was approved in July.

Both drugs are in a newer class of diabetes medicines called DPP-4 inhibitors. They work by increasing insulin production and lowering the production of glucose.

Onglyza is the first diabetes drug to be launched in Europe by a partnership of Bristol-Myers and British drugmaker AstraZeneca PLC to develop drugs for type 2 diabetes. It's approved for use with three other standard diabetes drugs.

Onglyza is to be launched in the European Union by year's end.