Once-Weekly Diabetes Drug Lowers Blood Sugar: Study

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 , 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 lost 0.5 percent to close at $48.18 Monday. Alkermes stock declined 1.67 percent to finish at $12.36.