To obtain the subject compound useful inhibiting bone loss and bone resorption accompanied by osteoporosis and for treating cardiovascular system- related morbidity including hyperlipemia, estrogen-dependent cancers, etc.

A compound of formula I [R1 is H, OH, O(a 1-4C alkyl), etc.; R2 is H, OH, O(a 1-4C alkyl, Cl, F, etc.; R3 is 1-piperidinyl, 1-pyrrolidinyl, 4- morpholino, etc.; (n) is 2,3,4,] or its pharmaceutically acceptable salt or solvate. For example, 1-{2-[3-[2-(4-methoxyphenyl)-6-methoxynaphth-1- yl]phenyloxy]ethyl}pyridine. The compound of formula I can be obtained e.g. from a compound of formula II [R1a, R2a are each independently H, O(a 1-4C alkyl)] formed by aromatizing a 2-phenyl-substituted-tetralone.