Pfizer Inc. failed to convince advisers to the US Food and Drug Administration to support a dramatic expansion in the use of its prostate cancer drug, a setback that could scuttle the company’s blockbuster ambitions for the treatment.

Pfizer jumps into cancer-treatment race with a $6 billion licensing deal with a China-based company, six months after Merck’s move for a lot less money.

Pfizer has announced a new agreement to develop and market a cancer drug being developed by Chinese drugmaker 3SBio.