Boston, MA 05/22/2014 (wallstreetpr) – Things just got better for the $85 billion market capped pharmaceutical company AbbVie Inc NYSE:ABBV). The company develops and commercializes a wide range of advanced treatments for adults and children.
In the latest development, the U.S. Food and Drug Administration (FDA) identified an experimental drug that AbbVie is developing in partnership with Bristol-Myers Squibb Co (NYSE:BMY) as a “breakthrough therapy.” That designation allows sped up testing and approval of the drug for a quick introduction in the market.
It is rare for drug companies to win FDA special review process unless they are developing drugs with huge potential in addressing unmet and usually serious medical needs. In other words, the faster review process not only signals that the drug that AbbVie and its partner are developing has huge chances for success before the regulator, but also bears strong market opportunity.
Most common blood cancer
Blood cancer is a treatment market niche that has attracted many drug developers in recent times. While the niche has many players, success is never guaranteed, and that explains why there is excitement about the special review designation that AbbVie Inc (NYSE:ABBV) and Bristol-Myers have earned from the regulator.
The company’s experimental drug that just got special attention from the reviewers is known as elotuzumab. The drug targets multiple myeloma, one of the most common forms of blood cancer. The drug showed compelling results in its midstage trial when used in a combination of other treatments.
The approval of elotuzumab will see the drug adopted for use in patients who have already tried other treatments.
The developers are studying the drug in a late-stage trial before they can submit the finding for a review by the regulator.
Building a dependable management
The “breakthrough therapy” approval of AbbVie Inc (NYSE:ABBV)’s blood cancer therapy comes hot on the heels of a recent executive appointment. The company announced that Michael Severino joined its executive team as VP Research and Chief Science Officer. Mr. Severino joined AbbVie from Amgen where he was the Chief Medical Officer.
