A new cancer drug will be set on the fast track to approval by the FDA. 

The medication, larotrectinib, is being developed through a collaboration between Loxo Oncology and Bayer AG. According to Reuters, analysts anticipate that annual sales for the drug could range between $500 million and $1 billion.  

Larotrectinib is being developed to target a wide array of tumors. The FDA granted priority review for the drug to treat patients with tumors that have a neurotrophic tyrosine receptor kinase gene mutation.

The FDA has set an action target date of Nov. 26.