FDA Approves Bristol-Myers Squibb Drug Yervoy To Treat Melanoma

The FDA has approved a new drug from Bristol-Myers Squibb Co. BMY to treat patients with metastaticor late-stage melanomar. The drug, ipilimumab, will be sold under the brand name Yervoy. Analysts have predicted the product will eventually reach sales topping $1 billion annually. "Yervoy is the first therapy approved by the FDA to clearly demonstrate that patients with metastatic melanoma live longer by taking this treatment," said Richard Pazdur, the director of FDA's office of oncology drug products. Yervoy is designed to work by stimulating the body's immune system to fight cancer cells. The approval of Yervoy was important for the company in order to help offset revenue declines from drugs like Plavix, which is facing generic competition.