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said Tuesday the

Food and Drug Administration

has approved Detrol LA, a once-a-day drug used to control an overactive bladder.

The Peapack, N.J.-based pharmaceutical company currently offers a twice-daily form of the drug. The company said the new drug can act in place of the twice-a-day treatment because it provides sustained release of the drug over the course of the day.

Side affects of the drug include dry mouth, headaches and constipation. The ailment affects 17 million people in the U.S., the company said. The first worldwide approval of the single dosage variety of the drug was received in Switzerland earlier in the month and will be marketed as Detrusitol.

Shares of Pharmacia were up $1.19, or 2%, to $58.63 in recent

New York Stock Exchange