FDA approves Pfizer's new blood cancer drug

FDA approves Pfizer's new blood cancer drug

The U.S. Food & Drug Administration (FDA) has given its approval for a new Pfizer medicine for use against a rare form of blood cancer, albeit with a boxed warning.

The FDA said Pfizer’s Besponsa medicine can be used to cure patients suffering a kind of advanced acute lymphoblastic leukemia, a rare kind of blood cancer. By this stage, life expectancy for the patient declines to a very low level.

However, high cost of the drug remains a matter of concern for many patients. Based on a typical period of treatment, the total cost of the medicine will be nearly $168,300 (excluding discounts).

Besposa, which has already been approved in the European Union, is a targeted treatment that is capable of binding B-cell ALL cancer cells, which express the CD22 antigen and blocks the expansion of cancer cells.

As per the National Cancer Institute, acute lymphoblastic leukemia will affect roughly 5,970 Americans this year, causing deaths to around 1,440 of them.

In the afterhours trading on Thursday, Pfizer stock slipped nearly 1 per cent to $33 per share.