Novartis gets European approval for Afinitor

Swiss drug company Novartis AG /quotes/zigman/278066 CH:NOVN +6.30% said Monday that the European Commission has approved its Afinitor tablets for the treatment of neuroendocrine tumors of pancreatic origin. Novartis said the approval was based on Phase III trial data that showed treatment with Afinitor more than doubled the time without tumor growth to a median of 11 months from 4.6 months and reduced the risk of cancer progression by 65% when compared with placebo. The decision applies in all 27 European Union member states, plus Iceland and Norway.