Bristol diabetes drug gets positive EU review

Bristol-Myers Squibb Co. and AstraZeneca PLC said Thursday that a European Union regulatory panel gave a positive recommendation to their type 2 diabetes drug candidate Onglyza.

The Committee for Medicinal Products for Human Use recommended the drug be approved. The companies' application for Onglyza will now be reviewed by the European Commission, which could approve marketing of Onglyza throughout the European Union.

Earlier this year, a Food and Drug Administration panel also gave Onglyza a positive recommendation, although it said further studies should be conducted to see if the drug is safe for patients with high levels of cardiovascular risk.

In afternoon trading, shares of New York-based Bristol-Myers Squibb rose 75 cents, or 3.7 percent, to $20.94. U.S.-listed shares of London-based AstraZeneca added 72 cents to $44.85.