FDA approves Bristol Myers Squibb’s CAR-T therapy

Shares of Bristol Myers Squibb Co.
BMY,
-1.11%
were down 0.8% in trading on Monday, following the announcement on Friday that the Food and Drug Administration approved Breyanzi, its large B-cell lymphoma treatment. The wholesale list price is $410,300 for the total course of treatment. The treatment, a type of chimeric antigen receptor (CAR) T cell therapy, is the third FDA-approved gene therapy for non-Hodgkin lymphoma, according to the regulator, which also said that health care organizations that provide this type of therapy to patients have to be certified to do so. Bristol Myers’ stock is down 8.8% over the past 12 months, while the S&P 500
SPX,
+0.21%
is up 16.5%.