A Study of Arzoxifene to Treat Korean Women With Osteoporosis

Inclusion Criteria: * Present with osteoporosis based on total hip, femoral neck or lumbar spine BMD T-score of less than or equal to -2.5 but must never have had any osteoporotic fragility fracture. * Are ambulatory and are 60 to 85 years of age, inclusive. Aside from diagnosed osteoporosis (Inclusion Criterion \[1\]), all women must be free of severe or chronically disabling conditions, have a life expectancy of at least 5 years in the opinion of the investigator, be expected to remain ambulatory throughout the entire study, and be expected to return for follow-up visits. * Had their last natural menstrual period at least 2 years before beginning the study. * Are able to comprehend the requirements and procedures for the study and to provide informed consent before entering the study. * Have at least two lumbar vertebrae (L1 to L4) that are evaluable via dual energy X-ray absorptiometry (DXA) and lateral thoracic and lumbar spine x-ray films that can be adequately evaluated for existing vertebral fractures at screening. * Have centrally read total hip, femoral neck or lumbar spine T-score less than or equal to -2.5 Exclusion Criteria: * Have known current metabolic bone disorders other than low bone mass, such as hyperparathyroidism, renal osteodystrophy, or osteomalacia. * Have known, suspected, or history of carcinoma of the breast or estrogen-dependent neoplasia (e.g., endometrial or uterine carcinoma), except for hysterectomized patients with a history of carcinoma in situ of the uterus. For other cancers, be disease free and in remission from all other cancers for 5 or more years, except for excised superficial lesions, such as basal cell carcinoma or squamous cell carcinoma of the skin. * Have demonstrated or suspected allergy to raloxifene or arzoxifene * Have unexplained or abnormal vaginal bleeding within 6 months prior to Visit 1 or between Visit 1 and Visit 2. * Are experiencing clinically severe postmenopausal symptoms that may require estrogen-replacement therapy. * Have a history of or suggestion on ultrasound or pelvic examination of a pre-existing gynecologic abnormality that would require further gynecologic treatment (e.g., ovarian cysts, large fibroids, undiagnosed adnexal masses) or of baseline endometrial thickness of \>5 mm. * Have Papanicolaou's tests showing malignant or premalignant findings. * Have active or any past history of thromboembolic events * Have active or any past history of atrial fibrillation. * Have a history of cerebrovascular accident or documented transient ischemic attack at any time in the past. * Have acute or chronic liver disease defined as alanine aminotransaminase (ALT) \>100 U/L, gamma-glutamyl transferase (GGT) \>400 U/L, or late stage cirrhosis without transaminase elevations. * Have impaired kidney function (serum creatinine \>177 micromol/L or \>2.0 mg/dL). * Have vitamin D deficiency prior to enrollment (Visit 2; 25-hydroxyvitamin D less than10 ng/mL or less than 24.9 nmol/L). * Have any known, severe, or untreated malabsorption syndromes. * Have endocrine disorders requiring pharmacologic therapy except for type II diabetes and hypothyroidism. Patients on a stable dose of thyroid replacement therapy during the 6 months preceding randomization (Visit 2) who are clinically euthyroid in the opinion of the investigator may enroll in the trial. * Consume an excess of alcohol or abuse drugs * Represent an unacceptable medical or psychiatric risk for treatment with an investigational drug * Have active or any history of seizure disorder.