("Lilly, Amylin, Alkermes Diabetes Treatment Misses Primary
Endpoints," at 8:31 a.m. EST, misstated that Bydureon was approved
in 2005 in the sixth paragraph. The correct version follows: )
DOW JONES NEWSWIRES
An investigational drug to treat Type 2 diabetes under
development by Eli Lilly & Co. (LLY), Amylin Pharmaceuticals
Inc. (AMLN) and Alkermes Inc. (ALKS) failed to meet primary
endpoints in a 26-week study.
Lilly shares were down 33 cents at $33.95 in recent premarket
trading, while Alkermes and Amylin were halted ahead of the
announcement. They closed Wednesday at $14.10 and $15.01,
respectively.
The treatment, Bydureon, was less effective in reducing blood
sugar levels than Victoza, an injectible diabetes treatment made by
Novo Nordisk A/S (NVO, NOVO-B.KO). However, Victoza patients
reported more frequent adverse reactions.
The Food and Drug Administration had requested further data on
Bydureon during October. The companies plan to submit a complete
response in the second half of this year.
Lilly's outlook has been shaky because it faces a wave of patent
expirations that will expose its best-selling drugs to generic
competition in coming years. Compounding its challenges, Lilly has
suffered a series of research and regulatory setbacks that have
hampered efforts to bring new products to market to replace the
lost revenue.
Bydureon is a long-acting version of already-approved diabetes
drug Byetta, which has been available in the U.S. since June
2005.
"While this study did not meet its primary endpoint, these
results reinforce the important role" of the drug class in treating
Type 2 diabetes, said Gwen Krivi, vice president product
development at Lilly's diabetes unit.
Evaluation of the data continue, and the companies plan to
submit a full study for publication.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481;
Tess.Stynes@dowjones.com