UPDATE 1-Bristol-Myers, Astra diabetes drug gets FDA nod

* Drug combines Onglyza with metformin XR

* Label contains boxed warning for lactic acidosis

NEW YORK, Nov 5 (Reuters) - Bristol-Myers Squibb Co BMY.N and AstraZeneca PlcAZN.L on Friday said U.S. health regulators have approved a once-a-day pill that combines two medicines for the treatment of Type 2 diabetes in adults.

The drug, Kombiglyze XR, combines Onglyza -- a diabetes medicine sold by the two companies -- with metformin XR, an extended release version of a commonly used generic diabetes treatment.

The drugs, from different classes of medicines, help to control blood-sugar levels using different mechanisms of action.

The Kombiglyze XR prescribing information will carry a boxed warning for lactic acidosis, a rare, but serious metabolic complication that can occur due to metformin accumulation during treatment with the drug.

Diabetes has reached epidemic proportions and combination therapies are increasingly being employed to tackle the disease. About one in every 11 adults in the United States has diagnosed diabetes, with Type 2 diabetes accounting for upwards of 90 percent of the cases, according to the U.S. Centers for Disease Control and Prevention. (Reporting by Esha Dey and Bill Berkrot; editing by Gunna Dickson)