Celgene (CELG)'s Abraxane Boosts Pancreatic Cancer Survival
11/12/2012 7:30:10 AM
The cancer drug Abraxane prolonged the survival of patients with advanced pancreatic cancer in a closely watched phase III study, Celgene (CELG) said Friday night. A competing pancreatic cancer drug from Clovis Oncology (CLVS)failed to prolong survival in its phase III study, the company announced early Monday. Celgene plans to seek regulatory approval to expand Abraxane's label to include treatment for pancreatic cancer based on the positive study results. In a best case, pancreatic cancer could add another $1 billion in Abraxane sales. Abraxane sales totaled $320 million in the first nine months of the year, mainly from use in advanced breast cancer. In October, the FDA approved Abraxane for use in non-small cell lung cancer and Celgene reported positive results from a phase III study in melanoma.
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