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FDA Approves New Pain Drug

The U.S. Food and Drug Administration approved the marketing of a new pain drug from Pfizer and Acura Pharmaceuticals, the companies said Monday.

The drug, Oxecta, is an immediate release version of oxycodone and was designed to prevent drug tampering and abuse.

"We recognize our responsibility to physicians and patients and remain committed to appropriate access to pain treatment and developing medicines to potentially address this important public health and safety issue," said Pfizer president Olivier Brandicourt.

In May, Pfizer reported higher first-quarter profit, though revenue slipped on disappointing sales of its top-seller, Lipitor.

The company has continued to brace for Lipitor to lose U.S. patent protection in November, with plans to significantly cut research and development costs and shed some of its businesses.

Click here to read more about this story from the Wall Street Journal.