Diabetes drug makers experience stock jump

NEW YORK Shares of two large drug makers focused on diabetes increased Wednesday afternoon despite declines in the drug industry as a whole, according to published reports.

The Amex Pharmaceutical Index and Amex Biotechnology Index fell, while the Dow Jones Industrial Average increased after a fall earlier in the day.

Meanwhile, however, shares of Danish drug maker Novo Nordisk and San Diego-based drug maker Amylin Pharmaceuticals increased respectively by 4%, to $49.95, and 3%, to $12.12.

Amylin had released a study earlier in the week showing that a long-acting formulation of the diabetes drug Byetta (exenatide) that has not yet been launched outperformed Merck & Co.’s Januvia (sitagliptin) and Takeda’s Actos (pioglitazone hydrochloride) in patients with Type 2 diabetes.