Bristol-Myers Squibb and AstraZeneca receive EU Forxiga approval

Bristol-Myers Squibb and AstraZeneca's new tablet-based therapy for type 2 diabetes Forxiga has been approved by the European Commission.

The new once-daily agent is a selective and reversible inhibitor of sodium-glucose cotransporter 2 that is able to help remove excess glucose from the body, working independently of insulin.

It is the first therapy of its kind to be approved in Europe and has demonstrated its efficacy in a broad clinical development programme that included 11 phase III trials.

Data from these studies showed that Forxiga is able to successfully reduce blood sugar levels, while also delivering reductions in weight and blood pressure.

Lamberto Andreotti, chief executive officer of Bristol-Myers Squibb, said: "Forxiga is the first of a new class of type 2 diabetes medication that works independently of insulin and represents a new treatment option for patients and physicians across Europe."

Earlier this month, the company reported positive data from a new study of the subcutaneous formulation of its rheumatoid arthritis drug Orencia, showing that it can deliver similar efficacy to the Abbott drug Humira.