Bristol-Myers Seeks OK for Diabetes Drug
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Bristol-Myers Squibb Co., a drug maker with patents set to expire on four medicines by 2010, said it asked U.S. regulators to approve its once-daily diabetes drug Muraglitazar.
If approved, the drug will be sold jointly by Bristol-Myers and Merck & Co., which announced Sept. 30 that it would pull its Vioxx painkiller from the market.
Merck in April agreed to pay Bristol-Myers as much as $375 million to share the rights to Muraglitazar.
Shares of Bristol-Myers rose 28 cents to $25.83 on the NYSE. Shares of Merck rose 8 cents to $32.30, also on the NYSE.
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