Article: Bristol-Myers, Merck to market new diabetes drug.(News)(Bristol-Myers Squibb Co.)(Merck and Company Inc.)(Brief Article)

BRISTOL-MYERS Squibb and Merck have formed an alliance for the global development and commercialization of the Bristol-Myers drug muraglitazar.

Intended to treat blood glucose and lipid abnormalities in patients with type 2 diabetes, the drug is in Phase III clinical testing and likely will be submitted to the FDA for approval within the next nine to 12 months.

Merck will pay Bristol-Myers an up-front fee of $100 million, as well as $275 million in additional payments based on certain regulatory milestones. Both drug makers will develop the clinical and marketing strategy for the drug and share equally in the cost of future development and marketing. ...

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