Pancreatic cancer is a disease in which malignant (cancerous) cells form in the tissues of the pancreas. The pancreas is a gland located behind the stomach and in front of the spine.The pancreas produces digestive juices and hormones that regulate blood sugar.ymptoms of pancreatic cancer include: 1  Jaundice (yellowing of the skin and whites of the eyes). 2  Pain in the upper or middle abdomen and back. 3  Unexplained weight loss. 4  Loss of appetite. 5  Fatigue.