Pharmaceutical firm GlaxoSmithKline (NYSE:GSK) announced Thursday that it has filed its type-2 diabetes drug albiglutide for regulatory approval with the European Medicines Agency (EMA). Glaxo submitted the drug for FDA approval in the United States back in January.

Albiglutide is Glaxo's latest drug to be filed for approval; currently, the company has six therapies under review in Europe or the U.S. Albiglutide is a once-weekly injectable treatment for adult type-2 diabetes, with analysts estimating peak sales of the drug at an average of $285 million. While many analysts project the drug to receive approval, they also cite competition in the lucrative diabetes market in keeping projected sales of albiglutide low.

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