By Josh Beckerman

An oncology drug developed by Loxo Oncology Inc. (LOXO) and Bayer AG (BAYRY, BAYN.XE) has received accelerated approval from the U.S. Food and Drug Administration.

The FDA said the approval of Vitrakvi, or larotrectinib, reflects a "new paradigm," as the drug targets a key genetic driver of cancer rather than a specific tumor type.

Loxo shares were halted for pending news.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

November 26, 2018 18:54 ET (23:54 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
LOXO ONCOLOGY, INC. (NASDAQ:LOXO)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more LOXO ONCOLOGY, INC. Charts.
LOXO ONCOLOGY, INC. (NASDAQ:LOXO)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more LOXO ONCOLOGY, INC. Charts.