U.K. drug maker AstraZeneca PLC (AZN.LN) Friday said an experimental diabetes medicine being jointly developed with Bristol-Myers Squibb Co. (BMY) met its goals in a phase III trial.

The Anglo-Swedish drug maker said treatment with dapagliflozin led to a grreater reduction in blood sugar levels when given alongside the common diabetes drug metformin compared to those getting metformin and a placebo.

Company Web site: www.astrazeneca.com

-By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; jason.douglas@dowjones.com