European Panel Supports Macugen

A European regulatory committee is recommending approval of Macugen, a treatment for an eye disease called wet age-related macular degeneration, in European Union countries.

Eyetech

(EYET)

and

Pfizer

(PFE) - Get Report

co-promote Macugen in the U.S. Eyetech, which is planning to merge with

OSI Pharmaceuticals

(OSIP)

, granted Pfizer the exclusive rights to commercialize Macugen in other nations by way of a licensing agreement.

AMD is an eye disease associated with aging that destroys central vision.

The Food and Drug Administration approved Macugen in December and Brazilian regulators approved the product in May. Macugen is also available in Canada.

Pfizer said it expects the European Commission to grant marketing authorization for Macugen by the end of the year. Macugen will be sold in Europe exclusively by Pfizer.