Eli Lilly & Co. shares rose 1.5% in premarket trade Tuesday after the company said its pain drug with Pfizer Inc. has received fast track designation from the Food and Drug Administration, which is intended to hasten the development and approval of drugs for serious conditions. Pfizer shares were up 0.2% premarket. The drug, tanezumab, got the designation for chronic pain in patients with osteoarthritis and chronic low back pain. Tanezumab is currently in late-stage development, and results from clinical trials are expected to start being released in 2018, the companies said. If approved, the drug could be a much-needed new tool for doctors amid a national opioid crisis. The drug is also being studied in patients with cancer pain. Eli Lilly shares have dropped 3.9% over the last three months, and Pfizer shares have dropped 4.1%, compared with a 2.4% rise in the S&P 500 .
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