Cancer drug Padcev approved
Pfizer’s stock experienced a positive surge on Monday in response to the latest approval from the Food and Drug Administration (FDA). The company’s shares closed the day 1.6% higher, surpassing the 0.5% rise of the S&P 500 index.
In an announcement made that morning, Pfizer revealed that Padcev, a cancer drug developed in collaboration with Astellas Pharma of Japan, has received FDA approval for the treatment of bladder cancer. Padcev has been granted approval as part of a first-line combination therapy with Keytruda, a widely recognized cancer drug manufactured by Merck.
The FDA’s decision is based on the results of a phase 3 clinical trial involving the combined use of Padcev and Keytruda. The study demonstrated that when used together, the drugs reduced the risk of death by 53% for patients with previously untreated bladder cancer, compared to traditional chemotherapy. This latest approval expands on the 2019 FDA approval of Padcev for bladder cancer treatment, which was initially limited to specific cases.
Notably, this news follows closely after Pfizer’s acquisition of Seagen, the developer of Padcev. In a deal valued at $43 billion in cash, Pfizer completed the acquisition in May.
Exploring potential in various cancer treatments
While Padcev’s approval for bladder cancer treatment is a significant milestone, ongoing research is also evaluating its potential as a standalone agent and in combination with Keytruda for other forms of bladder cancer. Additionally, the drug is being studied for its effectiveness against head and neck squamous cell carcinoma. Pfizer’s foray into cancer treatment is displaying promising progress and diversifying its portfolio for the benefit of patients.