Celgene's rare disease drug gets FDA approval

Published: Nov 8, 2019 2:24 p.m. ET

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JaimyLee

Reporter

Shares of Celgene Corp. [s:celg] rose 0.34% in afternoon trading after the U.S. Food and Drug Administration approved Reblozyl. The drug, which treats anemia in patients with beta thalassemia, a rare blood disorder, was developed jointly by the drugmaker and Acceleron Pharma Inc. XLRN, -4.71%. It's the first FDA-approved therapy for Acceleron. Acceleron shares were up about 6% to $43.17. Bristol-Myers Squibb BMY, +0.14% acquisition of Celgene for $74 billion in cash and stock is expected to close by the end of the year. Celgene's stock is up roughly 70% year to date, while the S&P Index SPX, +0.77% has gained 23% this year.