Danish pharmaceutical company Novo Nordisk A/S (NOVO-B.KO) will be able to launch its closely-watched diabetes drug Victoza on a number of European markets by the summer, after European Union regulators late Thursday recommended the treatment for approval, Chief Scientific Officer Mads Krogsgaard Thomsen told Dow Jones Newswires Friday.

"We are extremely happy about it," he said. "Over years, we believe that this product can target very many patients on the European continent". There are currently some 25 million diabetics in Europe and the number is growing, he added.

Victoza belongs to a class of diabetes drugs known as GLP-1 analogues, which compared to conventional treatment with insulin have the advantage of not pushing blood sugar levels dangerously low, and also help patients lose weight.

Krogsgaard Thomsen said Victoza will be the first GLP-1 type diabetes treatment on the market apart from Eli Lilly's (LLY) and Amylin's (AMLN) Byetta, and added that Victoza is more effective than the competitor at improving blood glucose control.

"We believe that we have a fantastic opportunity now to be the preferential product in the GLP-1 class," he said.

Krogsgaard Thomsen said Novo Nordisk is hoping to eventually launch Victoza in all E.U. countries, provided that it can get a sufficient price for the drug.

He didn't comment on where the company will first launch Victoza. He noted, however, that negotiations over reimbursement and market access will take longer in countries like France, while a more rapid launch will be possible in Germany and the U.K.

"We will definitely roll out in several countries over the months to come," he added.

On April 2, an advisory panel of the U.S. Food & Drug Administration came to a split vote on whether to recommend Victoza for U.S. approval due to concerns that it might cause thyroid cancer. Krogsgaard Thomsen said his company is in dialogue with the regulator, and expects it to reach a final decision "within months".

In a note to investors, Jyske Bank said the European approval of Victoza is positive for Novo Nordisk, but added that a launch on the bigger U.S. market would still be a more important share price trigger.

At 0906 GMT, shares in Novo Nordisk were up 2.8% at DKK273.00, outperforming a 0.1% rise in the wider market in Copenhagen.

Company Web site: http://www.novonordisk.com

-By Gustav Sandstrom, Dow Jones Newswires; +46-8-5451-3099; gustav.sandstrom@dowjones.com