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FDA Advisory Committee Unanimously Recommends Approval of a Competitor to Onyx’s Only Approved Drug

|Includes:ONXX, Pfizer Inc. (PFE)

As announced today by Pfizer (NYSE: PFE), the FDA’s Oncologic Drugs Advisory Committee voted unanimously that data for the investigational agent axitinib support a favorable benefit/risk profile for the treatment of patients with advanced renal cell carcinoma after failure of a first-line systemic therapy.

Axitinib, if approved, would compete with Onyx Pharmaceuticals’ (NASDAQ: ONXX) Nexavar. Nexavar is ONXX’s only approved product (through a collaboration agreement with Bayer) that generated commercial revenue during 2010 and 9M11. Profit-sharing, cost reimbursement, and royalty revenue from the agreement accounted for all of 9M11 revenue.

Here is PFE's press release on axitinib.

Stocks: PFE, ONXX