EU to commence review of 2 cancer drugs by Pfizer

Earlier on Wednesday, Pfizer Inc. announced that the European Union regulators are reviewing the applications filed by the giant drugmaker for two cancer drugs.

The European Medicines Agency acknowledged Pfizer’s market applications for crizotinib and bosutinib intended to treat lung cancer and chronic myeloid leukemia, respectively. Pfizer, however, did not comment upon the expected duration for review.

The drugs account for two significant components in Pfizer’s development pipeline, especially the twice-a-day pill crizotinib. This drug is intended for use in those patients with advanced non-small cell lung cancer (NSCLC) whose tumors have a genetically rearranged enzyme that encourages the growth and survival of cancer cells. Every year, nearly 50,000 people are diagnosed with NSCLC worldwide, and analysts anticipate that crizotinib could fetch Pfizer billions of dollars in annual revenue.

In afternoon trading, Pfizer shares jumped 12 cents to $18.43.