Santarus was dealt a crunching blow earlier this year when a judge ruled that patents covering its key product Zegerid were obvious and unenforceable. This allowed the introduction in June of a generic competitor.

"Given its novel biological activity, positive impact on glucose control and cardiovascular safe profile, we believe CYCLOSET represents an attractive new option for the treatment of patients with type 2 diabetes," said president and CEO of Santarus Gerald T. Proehl.

U.S. equity markets looked set to point to open higher Thursday after strong earnings from Hewlett-Packard (NYSE:HPQ), and as talks progress on Greece's debt crisis.

U.S. equity markets fell Wednesday afternoon on concerns that Greece could exit the euro as the region’s gather for an informal meeting.

U.S. equity markets looked set to open lower Wednesday morning ahead of a meeting of European Union leaders amid continued worries over the eurozone debt crisis.

Global gold demand in the first quarter of 2012 was 1,097.6 tonnes, down 5 percent from the high demand levels seen a year earlier, according to the World Gold Council.

Biopharmaceutical company Medgenics (LON:MEDG, AMEX:MDGN) achieved a major milestone today - with clearance to begin a phase IIb trial of EPODURE to treat anaemia in kidney failure patients.