BUZZ-Lilly shares add to gains after diabetes drug finding

(Updates price, adds stock symbol)

** Shares (Berlin: DI6.BE - news) of Eli Lilly and Co up 6 pct at $89.74, giving the biggest boost to the S&P 500, following positive drug news

** Its new Jardiance pill slashed deaths by 32 pct in a study of 7,000 patients with type 2 diabetes at risk of heart attack and stroke

** Lilly's stock also is on track for its biggest percentage gain since June 9

** The stock is up 26 pct for the year so far, well outperforming the broader market and the S&P health care sector , which is up just 4.5 pct for the year to date

** With a forward 12-month price-to-earnings ratio of 23.4, Lilly's stock is trading at a relatively high valuation compared with the rest of the S&P 500, which has a PE of about 16

** That's also higher than valuations of many of its peers, including Merck (Other OTC: MKGAY - news) which has a forward PE of 14.1 and Pfizer (NYSE: PFE - news) , which has a forward PE also of 14.1, Thomson Reuters data shows

** Among its rivals, shares of Merck are down 1.1 pct at $53.27 while U.S (Other OTC: UBGXF - news) .-listed shares of Astrazeneca Plc (NYSE: AZN - news) are down 0.5 pct at $33.46