PARSIPPANY, N.J. — Watson Pharmaceuticals Inc. has launched an authorized generic version of Fortamet, a treatment for type 2 diabetes.

Watson began shipping the product late last week. The company said it released the authorized generic of Fortamet (metformin hydrochloride extended-release tablets) as part of an agreement with Shionogi Inc.

Fortamet is indicated as an adjunct to diet and exercise to lower blood glucose for patients age 17 years and older.

For the 12 months ended Feb. 28, Fortamet had combined branded and generic sales of about $82 million, according to IMS Health figures cited by Watson.