said Friday it has submitted its drug Valdecoxib to the

Food and Drug Administration

for approval.

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


(PFE) - Get Report

. 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.