DOW JONES NEWSWIRES An injectable diabetes drug being developed by Eli Lilly & Co. (LLY), Amylin Pharmaceuticals Inc. (AMLN) and Alkermes Inc. (ALKS) received a positive opinion from European Union regulators for the treatment of Type 2 diabetes when used in combination with oral therapies. The news sent shares of Amylin up 20% to $13.50 in recent premarket trading. Shares of Alkermes and Lilly closed Thursday at $13.41 and $35.75, respectively. Neither was active premarket. The opinion is a step toward approval, which requires a decision from the European Commission, which could take up to three months. The drug taken weekly, called Bydureon, also was submitted to the U.S. Food and Drug Administration in 2009. The FDA requested further data late last year and the companies plan to respond by the second half of this year. Bydureon last month suffered a setback as it failed to prove as effective as a once daily treatment. In a study it failed to reduce blood-sugar levels as well as Victoza, made by Novo Nordisk A/S (NVO, NOVO-B.KO). Bydureon is a long-acting version of Byetta, a twice daily drug from Lilly and Amylin that was approved in 2005 and has been losing market share to Victoza's introduction last year. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com
