Pharmacia

(PHA)

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

Pfizer

(PFE) - Get Report

. Another COX-2 inhibitor,

Celebrex

, 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.