Shares of Eli Lilly (NYSE: LLY) rose on Monday after the U.S. Food and Drug Administration (FDA) approved the pharmaceutical giant's new diabetes treatment, tirzepatide. As of 1:50 p.m. ET, Eli Lilly's stock price was up more than 3%.
A phase 3 clinical trial showed tirzepatide to reduce A1C -- a key measure of average blood sugar levels -- better than existing treatment options. The drug, which will be marketed under the brand name Mounjaro, helps to activate the body's receptors for metabolic hormones that decrease blood glucose levels. It can be taken as a once-weekly injection in the abdomen, thigh, or upper arm.
The FDA approved tirzepatide as a complement to a healthy diet and exercise program to improve glycemic control in adults with type 2 diabetes. Eli Lilly plans to make Mounjaro available in the U.S. in the coming weeks.
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Why Eli Lilly Stock Climbed Today