Pharmacyclics' (NASDAQ:PCYC) share price has tripled in the last 12 months, and its shares saw another 7% jump today after the company's flagship drug, Ibrutinib, was given the Breakthrough Therapy Designation from the FDA. This is also positive news for the company's partner, Johnson & Johnson, which has already paid Pharmacyclics $300 million and could give another $675 million if Ibrutinib meets its remaining milestones. In this video, health care analyst Max Macaluso discusses today's news.

Max Macaluso, Ph.D. has no position in any stocks mentioned. The Motley Fool recommends Johnson & Johnson. The Motley Fool owns shares of Johnson & Johnson. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.