Drugs watchdog approves Astra's diabetes drug

European drug regulators today gave pharmaceuticals giant AstraZeneca approval to sell its new Type 2 diabetes tablet.

The medicine, called Komboglyze, was launched in the US in January. It's been developed as part of a joint venture between AstraZeneca and its American rival Bristol-Myers Squibb.

Komboglyze is aimed at some of the 53 million people aged 20-79 who suffer from diabetes in Europe. That's predicted to rise to more than 64 million over the next two decades.

AstraZeneca and Bristol-Myers Squibb started collaborating on diabetes treatments in January 2007.

Shares in the British drugmaker ticked up just a penny to 2822p.