The Food and Drug Administration has granted approval to Invokana, a Type 2 diabetes drug manufactured by a unit of Johnson & Johnson (NYSE:JNJ). The drug is part of a new class of treatments known as SGLT2 inhibitors aimed at lowering blood sugar in patients with that form of the disease.

With its approval, the FDA has mandated that five postmarketing studies be conducted for the drug, which was developed by J&J subsidiary Janssen Pharmaceuticals.

Type 2 is by far the most common variety of diabetes, affecting roughly 24 million people. According to the FDA, it comprises more than 90% of the diabetes cases diagnosed in this country.