SYNOVICS RECEIVES APPROVAL FOR GENERIC METFORMIN

Synovics Pharmaceuticals announced that the FDA has approved its generic version of metformin extended-release tablets in 500 mg. Bristol-Myers Squibb markets the equivalent listed drug, Glucophage XR.

Metformin is a member of the biguanide drug class, which represents the current standard for Type 2 diabetes management. The U.S. market for extended-release metformin is estimated to exceed $150 million annually.