This study will enroll adult subjects (greater than or equal to 18 years of age) with type 2 diabetes mellitus and elevated LDL-C or non-HDL-C levels on a stable, maximally tolerated statin dose of at least moderate-intensity at signing of the informed consent; statin therapy must remain unchanged during screening and the remainder of the study. Subjects must have hemoglobin A1c (HbA1c) < 10%, must have been receiving pharmacologic treatment for diabetes mellitus for greater than or equal to 6 months prior to screening, with stable diabetes therapy prior to randomization to investigational product (IP) and not expected to change throughout the duration of study participation.