UPDATE 1-Roche, Ipsen diabetes drug meets late-stage target

* Once-weekly taspoglutide superior to Byetta

* Superior HbA1c reduction after 24 weeks of treatment (Adds details)

ZURICH, Oct 29 (Reuters) - A diabetes drug from French drugmaker Ipsen (IPN.PA) and Switzerland's Roche (ROG.VX) met its main target in its first late-stage clinical trial.

Once-weekly taspoglutide showed superiority over exenatide, also known as Byetta, which is co-marketed by Amylin Pharmaceuticals (AMLN.O) and Eli Lilly (LLY.N), Ipsen said in a statement.

"The results showed that taspoglutide demonstrated superior HbA1c reduction versus exenatide following 24 weeks of treatment," Ipsen said in a statement following completion of the Phase III trial.

The drug is similar to the natural hormone GLP-1, which has a key role in blood sugar regulation. (Reporting by Sam Cage; Editing by Lincoln Feast)