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Beximco soars as diabetes drug gets FDA green light

Published: 11:12 19 Dec 2016 GMT

diabetes sign
Bristol-Myers Squibb's equivalent drug, Glucophage, posted sales in excess of US$900mln last year

Beximco Pharmaceuticals Limited (LON:BXP) shares soared on Monday morning after the firm received approval from the Food and Drug Administration (FDA) for its diabetes control drug.

When used as part of a healthier lifestyle, Metformin Hydrochloride can improve the glycemic control in adults with type 2 diabetes, the Bangladeshi pharma group said.

Beximco’s tablets are the generic equivalent of Bristol-Myers Squibb’s Glucophage XR tablets, a product which achieved sales of US$918mln for the 12 months to October.

“This marks our third US FDA product approval since November last year and clearly demonstrates our competitive in-house expertise, in particular, our strength in extended-release formulation,” said managing director Nazmul Hassan.

“We expect to launch this product through our US distribution partner during the middle of 2017.”

Shares were up 14%, or 6.8p, to 54.3p shortly before midday.

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