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Eli Lilly, Amylin and Alkermes, partners on the first-ever once-a-week drug for diabetes, announced that patients saw their blood sugar go down by two percent and their weight drop an average nine-and-a-half pounds after one year on the experimental treatment.
In addition, nearly three-quarters of the diabetics in the study got their blood sugar level at or below the recommended threshold.
The companies plan to file for FDA approval of the once-a-week Byetta—currently marketed as a twice-a-day shot—by the end of the first half of next year.
Most analysts expect it to become a multi-billion dollar blockbuster.
The CEO of Amylin [AMLN
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], whose shares have been hammered the past two trading days, will appear first on CNBC Tuesday morning at 10:40 a.m. ET from the American Diabetes Association meeting in San Francisco where the data were presented.
Billionaire activist investor Carl Icahn recently took a sizeable stake in Amylin.
Shares of Eli Lilly [LLY
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] lost 0.5 percent to close at $48.18 Monday. Alkermes stock [ALKS
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] declined 1.67 percent to finish at $12.36.
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