said Friday it has submitted its drug Valdecoxib to the
Food and Drug Administration
Valdecoxib is used to treat pain, dysmenorrhea, osteoarthritis and rheumatoid arthritis. The oral drug, a COX-2 specific inhibitor, was co-developed by Pharmacia and
. Another COX-2 inhibitor,
, entered the market in 1999, and is a leading prescription arthritis drug. Parecoxib sodium, an injectable COX-2 inhibitor, is currently under FDA review.
Pharmacia, which is based in Peapack, N.J., expects the FDA to take 12 months to review Valdecoxib. When approved, Pharmacia and the New York-based Pfizer will jointly market the drug.
Pharmacia gained 95 cents, or 2.2%, to $44.95 in recent trading on the
New York Stock Exchange
. Pfizer was up 62 cents, or 1.7%, to $36.29.