NEW YORK -
Drug developers Ligand Pharmaceuticals Inc. and GlaxoSmithKline PLC said Monday the Food and Drug Administration will give their blood-disorder drug Promacta priority review, accelerating its path toward approval.
The drug is aimed at treating chronic short-term idiopathic thrombocytopenic purpura, a condition which causes increased risk of bruising and bleeding. The companies said there are about 60,000 people in the U.S. with the condition.
When the FDA designates a priority review, it attempts to make a decision on the drug candidate within six months instead of the normal 10 to 12 months.
GlaxoSmithKline (nyse: GSK - news - people ) and Ligand have been partners since 1997. Glaxo will be responsible for worldwide marketing of the drug, which would be the first treatment approved for the blood condition. It also plans on asking for European regulatory approval in 2008.
Shares of San Diego-based Ligand rose 31 cents, or 9 percent, to $3.70 in morning trading. The stock has traded between $3.31 and $11.45 over the last 52 weeks. Shares of U.K.-based Glaxo rose 58 cents to $44.49
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