Company news: Celgene

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The FDA expanded the indication for Celgene's drug Abraxane Friday when it approved the injection for use as a first-line treatment for advanced non-small cell lung cancer. The FDA first approved Abraxane for treatment of metastatic breast cancer in 2005 among patients for whom combination chemotherapy did not work. Reuters noted that the drug maker is also seeking additional indications, including pancreatic and skin cancers. Reuters said a Barclays analyst projected that Abraxane could have peak annual lung cancer sales of $110 million.

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