Biotech

Diabetes Drug Test Boosts Amylin and Lilly

10/31/07 - 07:37 AM EDT


A long-acting diabetes drug from Amylin PharmaceuticalsAMLN and Eli LillyLLY allows diabetes patients to control their blood sugar levels better than currently approved drugs, according to results from a phase III study released today.

The drug, Byetta LAR, is given as a once-weekly injection. In a 30-week study, Type 2 diabetes patients on Byetta LAR achieved a 1.9% improvement in A1C, a key measure of glucose (blood sugar) control. This compares to an A1C improvement of 1.5% for patients using regular Byetta injection, a currently approved drug that is given twice a day.

This result showed Byetta LAR to be statistically superior vs. regular Byetta.

In addition, patients in both arms of the study achieved an average weight loss of eight pounds. From a side-effect perspective, the companies said LAR patients reported 30% less nausea than patients on regular Byetta.

Byetta LAR used a drug delivery technology from AlkermesALKS that allows it to be given just once a week. Once LAR is approved and on the market, Alkermes will receive a 7%-8% royalty on net sales.

Shares of Amylin closed Tuesday at $46.80 and were up $1.20, or 2.5%, in Wednesday pre-market trading. Lilly shares closed Tuesday at $53.69; while Alkermes closed at $16.66.

The results from the LAR study appear to have achieved the goals set by Amylin and Lilly, and also meet the expectations of investors. At a minimum, LAR needed to show better blood sugar control than regular Byetta. More specifically, investors were generally looking for an A1C improvement in the 1.5% to 2% range.

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Adam Feuerstein writes regularly for TheStreet.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet.com. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.

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