UPDATE 1-US clears Sanofi drug for cancer complication

* FDA clears Sanofi drug Elitek

* Drug designed to fight serious treatment side effect

LOS ANGELES, Oct 16 (Reuters) - U.S. officials approved a new Sanofi-Aventis SASY.PA drug to help fight a serious complication of cancer treatment, the company said on Friday.

The Food and Drug Administration approved the drug, Elitek, for managing levels of plasma uric acid (PUA) that can build up as a side effect of cancer treatment, Sanofi said. High PUA levels can lead to tumor lysis syndrome (TLS), a potentially life-threatening condition.

The drug was cleared for adults with leukemia, lymphoma or solid tumors who are receiving anti-cancer therapy expected to cause TLS or subsequent elevations of PUA.

The generic name of Elitek is rasburicase. (Reporting by Lisa Richwine; Editing by Leslie Gevirtz)