TRENTON, N.J. – U.S. regulators have approved a new diabetes drug that reduces blood sugar levels and also helps people lose weight.

The Food and Drug Administration on Tuesday approved the once-a-week shot for people with Type 2 diabetes.

Danish drugmaker Novo Nordisk says the drug will cost about the same as similar drugs at $676 for a four- to six-week supply without insurance.

The drug, called Ozempic, comes in injector pens. It stimulates insulin production and reduces appetite.

On average, the medicine reduced long-term blood sugar levels at least 2 1/2 times as much as a popular daily diabetes pill in one big study. It also helped study participants lose two to three times as much weight as those in the comparison group given Merck & Co.’s Januvia.