diabetes drug

Diabetes is a growing global scourge, but for Big Pharma it's more of a lifesaver -- and many drugmakers are cranking up their research efforts. After all, many existing drugs will soon be losing their patents, and diabetes could be a $55 billion market by 2019.

Shares of pharmaceutical companies Amylin, Alkermes, and Eli Lilly -- partners in a new diabetes drug Bydureon -- have tanked in morning trading as the U.S. Food and Drug Administration declined on Tuesday to approve the drug without additional clinical studies.

GlaxoSmithKline diabetes drug Avandia has been found to have increased heart attack risk compared to similar medication. But a majority of the Food and Drug Administration's panel of outside experts have voted to keep the drug on the market -- though new restrictions are likely.