Celgene's Abraxane can't catch a break in England. Soon after losing coverage for pancreatic cancer on the country's dedicated Cancer Drugs Fund, the treatment got another thumbs-down from its official cost-effectiveness watchdogs.
Makers of generic drugs in India are expected to start producing local versions of Celgene's oncology drug Abraxane after a consecutive denial of a patent.
Celgene's Abaxane is one of those cancer fighters that has proven effective against many forms of cancer, and so the company has sought approvals far and wide, sometimes successfully and other times not. Now it has been recommended in Europe to treat lung cancer.
The U.K.'s cost-effectiveness gatekeeper is known for its stinging rejection of cancer meds, and the watchdog is singing a familiar tune with Celgene's pancreatic cancer drug Abraxane.
The U.K.'s cost-effectiveness watchdogs are cracking down on expensive cancer treatments yet again. This time the ax is falling on Celgene, which learned today that the National Institute for Health and Care Excellence (NICE) won't back the company's drug Abraxane to treat metastatic pancreatic cancer.
Bristol-Myers Squibb and Celgene are joining forces on a cancer combination treatment, testing the former's highly anticipated immunotherapy in tandem with an on-the-market chemo drug against a host of tumor targets.
Celgene CFO Jacqualyn Fouse recently noted the markets have been rewarding the biotech for plainly explaining how its pieces fit together to reward investors. That comfort with the company came into play again today when its shares were unfazed even though it reported lower net income on higher expenses. Investors were placated when the Summit, NJ-based company raised its earnings forecast for the year for the third time.
The FDA today approved Celgene's Abraxane for pancreatic cancer, an approval that provides some hope for extending the lives of patients with the aggressive cancer. It should also significantly extend the earnings power of the drug, which is already approved for breast and lung cancers.
A drug that Celgene ($CELG) acquired in its $2.9 billion acquisition of Abraxis BioScience in 2010 is showing promise against the notoriously hard-to-treat p ancreatic cancer.
Celgene CEO Bob Hugin is leading a push to rapidly grow the major drugmaker, keeping the company atop lists of go-to partners among biotechs.