WASHINGTON (AP) — Specialty drugmaker Celgene Corp. said Friday a panel of European Union medical experts issued a positive review of its drug Abraxane for patients with late-stage pancreatic cancer.
The European Union generally follows the recommendations of the panel, and a final decision on whether to approve the drug is expected in the coming months.
The U.S. Food and Drug Administration approved Celgene's drug for late-stage pancreatic cancer in September. The drug was previously approved in the U.S. to treat breast cancer and a type of lung cancer. It accounted for $170 million in revenue for the Summit, N.J., company in the third quarter.
Pancreatic cancer is considered especially deadly and hard to treat. It typically causes few symptoms until it has spread enough that it can't be surgically removed.
Shares of Celgene rose $3.99, or 2.5 percent, to $162.60 in trading.