A day after recommending the first inhaled form of insulin to treat diabetes, a Food and drug Administration advisory panel on Friday endorsed a new pill that helps control blood sugar levels as well as cholesterol in people with the most common form of the condition.

The drug, muraglitazar, will be marketed under the name Pargluva. It was developed by Bristol-Myers Squibb and Merck & Co. A joint statement from the companies said they would conduct extensive monitoring of people using the drug to ensure it causes no long-term problems.

The non-insulin treatment is designed for people with Type 2 diabetes, the most common form of the condition that occurs most often in adults who are overweight.