US FDA approves Pfizer's inflammatory bowel disease drug

(Reuters) - Pfizer said on Friday that the US Food and Drug Administration has approved its drug to treat adults with moderate-to-severe inflammatory bowel disease, ulcerative colitis.

The decision is based on the data from the late-stage study, in which the drug achieved all its primary and secondary goals.

The drug, Velsipity, was the key asset Pfizer picked up in its $6.7 billion deal for Arena Pharmaceuticals last year.

Ulcerative colitis affects around 1.25 million people in the United States, according to the company.