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Lilly drug Actos approved
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July 16, 1999: 11:41 a.m. ET
Anti-diabetes medication to be on the market in U.S. by next month
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NEW YORK (CNNfn) - Eli Lilly & Co. won U.S. marketing approval Friday for the diabetes drug Actos, which is designed to improve patients' ability to utilize insulin.
The U.S. Food and Drug Administration approved the drug, which analysts consider one of the biggest pharmaceuticals to come on the U.S. market this year, to treat type 2 diabetes. The FDA said the oral medication proved effective in clinical trials.
Actos was developed by Takeda America Research, a unit of Takeda Chemicals Industries Ltd. of Japan. It will be available in pharmacies beginning in early August, Lilly said.
Another anti-diabetes drug, Rezulin, manufactured by Parke-Davis, a unit of Warner-Lamber (WLA), has been associated with liver failure. The FDA said clinical trials showed no indication of this problem with Actos, but recommended that patients taking the drug be monitored for changes in their liver enzymes.
About 15 million Americans suffer from type 2 diabetes, the most common form of the disease, Lilly said.
Separately, Lilly said Friday it would invest about $1 billion in its operations in Indianapolis, the company's hometown, and elsewhere in Indiana. The state will provide incentives worth about $214 million for the project, which is projected to create up to 7,500 jobs.
Lilly stock dropped 1/4 to 70-3/4 Friday morning.
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