AstraZeneca Applies For FDA, European Approval For Onglyza Diabetes Drug

Jul 24, 2008 (financialwire.net via COMTEX) -- BMY | Quote | Chart | News | PowerRating -- July 24, 2008 (FinancialWire) AstraZeneca PLC (NYSE: AZN | Quote | Chart | News | PowerRating) has submitted a new drug application to the Food and Drug Administration and has applied for marketing clearance from the European Medicines Agency for its Onglyza diabetes treatment.

AstraZeneca and partner Bristol-Myers Squibb Co. (NYSE: BMY | Quote | Chart | News | PowerRating) began collaborating in January 2007 to develop and sell two investigational drugs for type 2 diabetes, saxagliptin and dapagliflozin.

The applications are for saxagliptin, following clinical trials of the drug. Onglyza is the companies' proposed trade name. Shares of AstraZeneca fell 16 cents to close at $46.09, while shares of Bristol-Myers rose 21 cents to close at $21.89 Wednesday.

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