Bayer, Algeta Win U.S. Approval for Prostate Cancer Drug

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Bayer AG and Algeta ASA won U.S. approval for their drug to treat an advanced prostate cancer that doesn’t respond to standard testosterone-lowering therapy.

The Food and Drug Administration cleared the medicine more than three months early for patients whose disease has spread to their bones, the agency said today in a statement. The drug, Xofigo, is designed treat the secondary cancer that has settled in the bones. Prostate cancer is the most common cancer among men after skin cancer, according to the American Cancer Society.