Bluebird Shares Jump as FDA Approves Cancer Therapy

Bristol Myers Squibb and its partner bluebird bio received approval from the U.S. Food and Drug Administration late Friday for a multiple myeloma treatment called Abecma that is the first CAR T cell therapy approved in multiple myeloma.

Bristol Myers (ticker: BMY) acquired the drug, formerly known as ide cel, as part of its acquisition of Celgene in 2019. Shares of Bristol Myers were down 0.1% in premarket trading on Monday, while shares of bluebird (BLUE) were up 9.9%.

The…