FDA approves Medivation prostate cancer drug

(Reuters) – A novel prostate cancer drug developed by Medivation Inc and Astellas Pharma Inc has been approved by the U.S. Food and Drug Administration for men whose cancer has spread despite treatment with hormone therapy and chemotherapy, the agency said on Friday. Approval of the pill, to be sold under the brand name Xtandi, comes three months ahead of the agency’s late-November decision deadline and sent shares of Medivation up 7.6 percent. Wall Street analysts, on average, have forecast Medivation’s sales of the drug at $1.2 billion by 2017, according to Thomson Pharma. …