By Philip Waller

 

LONDON--Shares in Beximco Pharmaceuticals Ltd (BXP.LN) rose 7.4% on Monday after it said U.S. regulators have given it the go-ahead to market its extended-release Metformin tablets for diabetes control.

The generic drug manufacturer said the U.S. Food & Drug Administration has approved 500 milligram and 750 mg versions of the Metformin Hydrochloride tablets.

The tablets are the generic equivalent to Bristol-Myers Squibb's (BMY) Glucophage XR tablets in the same dosages.

Annual sales for Glucophage XR in the U.S. were $918 million for the year ended Oct. 31, according to IMS data.

At 0848 GMT, shares in Beximco were up 3.5 pence at 51 pence.

 

-Write to Philip Waller at philip.waller@wsj.com

 

(END) Dow Jones Newswires

December 19, 2016 04:13 ET (09:13 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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