Pfizer, analyst reports indicate first approval of new type of cancer drug could come early

MarketsAssociated Press

The first in a new class of cancer medicines, Pfizer's Ibrance (EYE'-branse), appears poised for approval to treat advanced breast cancer within just a few months and could quickly become a blockbuster, some analysts believe.

Pfizer shares rose about 2 percent following analysts' forecasts that the U.S. Food and Drug Administration could approve Ibrance earlier than expected, before the FDA's April 13 target decision date.

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Their reports come after the New York-based drugmaker said the FDA informed Pfizer it wouldn't convene a panel of outside experts to review testing data on the drug before the agency's ruling. Pfizer says it is already discussing with FDA staff the wording of the detailed package insert for the drug, a sign approval is likely soon.

The drug disrupts division of cancer cells.