US FDA grants Eli Lilly's breast cancer drug Breakthrough Therapy designation

US drug major Eli Lilly (NYSE: LLY) on Thursday said the US Food and Drug Administration has granted Breakthrough Therapy designation to its drug candidate for metastatic breast cancer, abemaciclib.

This could be a rival to Pfizer's (NYSE: PFE) drug Ibrance (palbociclib), which gained accelerated approval from the FDA earlier this year.

Richard Gaynor, senior vice president of product development and medical affairs for Lilly Oncology, said: "We are pleased that the FDA has designated abemaciclib as a Breakthrough Therapy for patients with advanced breast cancer and Lilly will work closely with the FDA in this process to expedite its development and review."