UPDATE 1-FDA OKs Abbott's Simcor combo cholesterol pill

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NEW YORK, Feb 15 (Reuters) - Abbott Laboratories Inc (ABT.N: Quote, Profile, Research, Stock Buzz) on Friday said U.S. regulators have approved its Simcor pill, the company's newest combination product to treat cholesterol.

Simcor pairs simvastatin, the active ingredient of Merck & Co's (MRK.N: Quote, Profile, Research, Stock Buzz) statin Zocor that lowers "bad" LDL cholesterol, with Abbott's widely used Niaspan medicine that raises levels of "good" HDL cholesterol.

Simcor is a follow-up to Advicor, an Abbott combination product already on the market that pairs Niaspan with a less-potent statin known as lovastatin.

Abbott has said it expects sales of the new drug, which also lowers a type of blood fats called triglycerides, to eventually reach $500 million a year.

Niaspan had 2007 sales of $658 million, so Simcor should significantly boost Abbott's cholesterol franchise.

Merck is working on a similar product that would add an anti-flushing agent to prevent the uncomfortable facial reddening that is a common side effect of niacin, the main ingredient of Niaspan. It is expected to seek approval for the medicine later this year.

Although the anti-flush agent of the Merck medicine is meant to sidestep the side effect that often keeps patients from taking niacin, some researchers fret that the new component could pose safety risks that are not yet apparent.

Abbott is conducting a long-term study of Simcor in an attempt to establish its ability to help prevent heart attacks and strokes. The results are expected in 2011.