Bayer cancer drug recommended in EU

LONDON, June xx Fri Jun 28, 2013 7:58am EDT

LONDON, June xx (Reuters) - Experts at the European Medicines Agency have recommended approval of Bayer's drug Stivarga for the treatment of metastatic colorectal cancer.

Friday's positive decision from EMA's Committee for Medicinal Products for Human Use (CHMP) follows an earlier green light for the product in the United States.

Stivarga is a pill that works by blocking several enzymes that promote cancer growth.

Under an agreement signed in 2011, Onyx Pharmaceuticals will receive a 20 percent royalty payment on global sales of Stivarga.

Bayer and Onyx jointly market Stivarga in the United States, while Bayer has sole marketing rights in the rest of the world.