Pfizer breast cancer drug hits midstage study goal
Drugmaker Pfizer Inc. says a midstage study of its experimental drug for advanced breast cancer, palbociclib (pal-boh-SEYE'-clib), met the main goals.
The world's second-biggest drugmaker says its drug, combined with another medicine called letrozole (LET'-rah-zole), increased the time patients survived without tumors growing, compared with women just getting letrozole.
Pfizer shares jumped 99 cents, or 3.3 percent, to $31.40 in late-morning trading.
Analysts are closely watching palbociclib, which is for postmenopausal women with certain tumor characteristics found in about 60 percent of patients with advanced breast cancer. It's seen as a potential huge seller.
New York-based Pfizer is now enrolling patients in a late-stage test of palbociclib. Last April, the Food and Drug Administration designated it a breakthrough therapy, a recognition that helps speed up the review needed for approval.