New York-based Pfizer (NYSE: PFE) announced that it has simultaneously applied for approval of its lung cancer drug, crizotinib, in the U.S. and Japan, and that the FDA granted it priority review. Crizotinib is the first in a new class of drugs called anaplastic lymphoma kinase (ALK) inhibitors, and it is being developed for a subset of patients with ALK-positive advanced non-small cell lung cancer (NSCLC). The goal of priority review is for the FDA to render its verdict within six months, rather than the usual 10. Four analysts surveyed by Bloomberg estimated that crizotinib could bring in $755 million in annual sales by 2015.
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