Merck & Co. Inc. and Pfizer Inc. said Friday that the Food and Drug Administration has approved diabetes drug Steglatro tablets, and the fixed-dose combination Steglujan tablets. Steglatro (ertugliflozin) is indicated, as an adjunct to diet and exercise, to improve glycemic control in adults with type 2 diabetes mellitus. The drug makers entered into a worldwide collaboration in 2013 for the co-development and co-promotion of ertugliflozin, with Merck’s sales force to exclusively promote Steglatro in the U.S., and share costs and potential revenue with Pfizer on a 60%-40% basis. Steglatro will cost $8.94 per day and Steglujan will cost $17.45 per day. Both will be available in January 2018. Neither stock is active in premarket trade. Year to date, Merck’s stock has lost 3.9%, Pfizer shares have gained 11.6%, the SPDR S&P Pharmaceutical ETF has climbed 12.0% and the Dow Jones Industrial Average has rallied 25.4%.
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