Pfizer's (PFE) Cancer Drug Fast-Tracked by FDA

Pfizer's (NYSE:PFE) application to have a review of their lung-cancer drug crizotinib fast-tracked was approved by the Food and Drug Administration

The giant drug maker also announced it has filed for regulatory approval for crizotinib in Japan.

Pfizer is scrambling to strenghthen its pipeline as its flagship drug Lipitor runs out of protection in November and generic competitors are set to flood the market.

What the approval to fast-track the review means is the process will be lowered from the usual 10 months it takes to review a drug to about six months.

According to Pfizer spokesman Chris Loder a decision should come from the FDA by the end of 2011.

Pfizer was trading at $21.08, gaining $0.10, or 0.50, as of 1:52 PM EDT.