Johnson & Johnson, the world’s largest seller of health-care products, won approval for the first in a new family of diabetes drugs for managing blood sugar.

The Food and Drug Administration cleared the drug known as canagliflozin to treat adults with Type 2 diabetes, the agency said today in a statement. The pill may generate $800 million in peak sales, Tony Butler, an analyst at Barclays Plc in New York, said in a telephone interview.

The FDA is requiring J&J to conduct five post-marketing studies of the once-a-day pill to be called Invokana. The studies will examine the cardiovascular risks of the drug, as well as monitor for malignancies and severe cases of pancreatitis, the FDA said.