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

 

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