Germany’s Bayer AG (BAYN.XE) and Norwegian partner Algeta ASA (ALSETA.OS) Tuesday said that U.S. drug regulators designated their experimental therapy Alpharadin for fast track approval, reinforcing views the prostate cancer medicine might have the potential for sales of over $1 billion. The U.S. Food and Drug Administration’s decision to fast track Alpharadin follows recent clinical trial data showing it improved overall survival in patients with castration-resistant prostate cancer and symptomatic bone metastases. The trial was stopped early due to the impressive overall survival results.
