FDA Panel Backs Millennium-Ilex-Schering Cancer Drug

A Food and Drug Administration advisory panel Thursday gave Ilex Oncology(ILXO Quote) and Millennium(MLNM Quote) its early Christmas well wishes.

The FDA's Oncologic Drugs Advisory Panel decided by a 14-1 vote that a new leukemia drug called Campath should be approved, pushing Millennium stock up as much as 10%. Now the companies need full approval by the FDA, which generally follows the lead of its advisory panels. The drug, a treatment for chronic lymphocytic leukemia, the most prevalent form of the blood cancer, was developed by a joint venture of the biotech companies.

The approval was mostly expected but represents a milestone for both companies, since it would be each company's first drug on the market. Shares in both companies rose after the decision, with Millennium jumping 7% to $59.56 and Ilex rising 4.4% to $27.68. ...