Update: Ian McKellen Does Not Have Prostate Cancer

Despite reports that Sir Ian McKellen has been battling prostate cancer, The Hobbit star's agent Chris Andrews says the story is untrue and McKellen's words were "taken out of context."

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"No, he does not have prostate cancer," Andrews told ABCNews.com. "That was taken out of context and from an interview from years ago."

Britain's Daily Mirror originally reported McKellen as saying that he's been dealing with prostate cancer for at least six years.

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"When you have got it, you monitor it, and you have to be careful it doesn't spread. But if it is contained in the prostate, it's no big deal," the 73-year-old actor was quoted to have said. "Many, many die from it, but it's one of the cancers that is totally treatable, so I have 'wasteful watching.' I am examined regularly and it's just contained, it's not spreading. I've not had any treatment."

To further his point, McKellen's agent assured ABCNews.com that the star is expected to attend the premiere of The Hobbit: An Unexpected Journey tonight in London.