NEW YORK (AP) — Eli Lilly and Co. says European Union regulators approved Bydureon, a version of its diabetes drug Byetta that is taken once a week instead of twice per day.

Bydureon is designed to help patients control their blood sugar in combination with other diabetes medications.

Indianapolis-based Lilly developed the drug with Amylin Pharmaceuticals Inc., its partner on Byetta, and Alkermes Inc., which created the technology that gradually releases the drug over the course of a week.

Common side effects of Bydureon included mild to moderate nausea, vomiting, diarrhea, and constipation

The companies have not received approval to sell Bydureon in the U.S.

The Food and Drug Administration declined to approve Bydureon in October, asking the companies for more information about the drug. They plan to submit that information in late 2011.

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