U.S. FDA approves new diabetes drug from Merck and Pfizer

(Reuters) - A new drug developed by Merck & Co and Pfizer Inc won U.S. approval on Wednesday to treat type II diabetes, the Food and Drug Administration said, adding another competitor to a growing class of treatments. The oral drug, known generically as ertugliflozin, will be sold under the brand name Steglatro and compete with AstraZeneca Plc's Farxiga, Johnson & Johnson's Invokana and Eli Lilly and Boehringer Ingelheim's Jardiance. Merck and Pfizer won approval for Steglatro as a single therapy and in fixed-dose combinations with Merck's diabetes drug Januvia or with metformin, an older generic treatment typically given to newly diagnosed patients.