Bristol-Myers Squibb

(BMY) - Get Report

received approval from the

Food and Drug Administration

to market

Glucophage XR

, a drug designed to treat type 2 diabetes.

The drug maker said Glucophage XR, which is taken once a day, has been approved for use as an initial therapy and in conjunction with insulin or sulfonylureas. The company's older diabetes drug

TST Recommends

Glucophage

is typically taken twice a day. Glucophage lost its U.S. marketing exclusivity last month.

Separately,

Ivax

(IVX)

said an appeals court cleared the way for the company to market a generic form of Bristol-Myers Squibb's cancer drug

Taxol

.