Norwegian pharmaceutical company Algeta ASA announced that it has secured the US Food and Drug Administration approval to market its prostate cancer drug in the country.
The drug, known as Xofigo, can be used to treat prostate cancer in cases where the cancer has spread to the bones.
The drug works in treating the castration-resistant prostate cancer by releasing targeted alpha-particle-emitting radiation into the bones which kill the cancer cells but inflict limited damage to the surrounding tissue.
Algeta has joined hands with German drug maker Bayer in marketing the drug to urologists and oncologists in the US. Bayer had filed the new drug application with the FDA and has exclusive marketing rights of the drug outside the US. Analysts predict that Xofigo could generate as much as $1.3 billion in sales annually.