Shares of Puma Biotechnology rose more than 8 per cent in post-market trading on Monday after it received US regulators’ approval for a breast-cancer drug it has been developing.
The California-based biopharmaceutical company said it expects the drug, neratinib — marketed as Nerlynx — to be commercially available in September. It will be used to prevent cancer from coming back in patients who have already been treated with trastuzumab, sold by Roche as Herceptin.
Puma has been working for several years on the drug, which some analysts had projected could bring in as much as $6bn in peak annual sales.
Puma chief executive Alan Auerbach said in a statement:
“Despite advances in the treatment of early stage HER2-positive breast cancer, there remains a need for further therapeutic improvements in order to attempt to further reduce the risk of disease recurrence. We are pleased to be able to bring this new medicine to patients with breast cancer.”