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EU clears Celgene's Abraxane for pancreatic cancer

Celgene says EU regulators approved its drug Abraxane as a treatment for pancreatic cancer

Associated Press

NEW YORK (AP) -- Celgene said Tuesday that European regulators approved its drug Abraxane as a treatment for pancreatic cancer.

The European Commission approved a combination of Abraxane and gemcitabine, an older drug, as a treatment for pancreatic cancer that has spread to other parts of the body. The Summit, N.J., company said it will launch the drug in the European Union in the coming months.

The FDA granted a similar approval for Abraxane in September. U.S. regulators approved Abraxane as a treatment for breast cancer in 2005 and for non-small cell lung cancer in 2012. Celgene Corp. reported $170 million in sales of the drug in its latest quarter.

Celgene shares picked up 11 cents to $51.63 in morning trading.