Steglatro, a new drug developed by Merck and Pfizer, won U.S. approval to treat type II diabetes.

The oral drug, which is an SGLT2 inhibitor, will compete with J&J’s Invokana, AstraZeneca’s Farxiga, and Eli Lilly and Boehringer Ingelheim’s Jardiance.

Steglatro was approved as a single therapy and in fixed-dose combinations with Merck’s diabetes drug Januvia or with metformin, an older generic treatment

Read the press release