Earlier on Thursday, Drugmakers Boehringer Ingelheim and Eli Lilly and Co. announced that their type 2 diabetes treatment Trajenta has been approved by the European regulatory agency.
The drug linagliptin is marketed under the trade name Tradjenta in the United States.
The European commission awarded approval to the German company Boehringer, and Indianapolis-based Lilly to market 5-milligram tablets alone or in combination with other treatments.
Earlier this year, Lilly and Boehringer got into a partnership for the manufacture and marketing of up to five drugs including Tradjenta. The US FDA approved the drug in May to be used as single tablets or in combination with other diabetes drugs.
Type 2 is the commonest form of diabetes that affects nearly 95% of 24 million diabetic Americans. Diabetics, who have trouble with their carbohydrate metabolism, have insulin resistant bodies, and are at an increased risk of blindness, heart attacks, kidney problems, and other serious complications.
In afternoon trading, shares of Lilly declined 41 cents to $35.98, as broader indexes dropped about 1 percent.