Celgene shares jump on Abraxane pancreatic cancer results

They're popping corks at Celgene ($CELG) headquarters. The company's cancer drug Abraxane aced a study in pancreatic cancer, boosting patients' survival and forming the foundation for a new FDA approval app.Analysts greeted the data with some impressive sales projections. Eric Schmidt of Cowen & Co. figures the drug could hit $2 billion in global sales just in pancreatic cancer. It's one of the cancers more difficult to treat, and, as Bloomberg notes, up to 270,000 patients are diagnosed each year. Story

 
Read more on