First published: 6:25 EST
Shares of biotechnology company bluebird bio (NASDAQ:BLUE) erased hefty pre-market gains today, after receiving approval from the US. Food and Drug Administration (FDA) for its gene therapy Skysona. After surging more than 17% in early trading, the stock opened the regular trading in the red.
The therapy is targeted for the treatment of cerebral adrenoleukodystrophy (CALD) which is a neurodegenerative disease.
Importantly, this is the first approved therapy by the FDA that has demonstrated a slowing of progression of dysfunction in boys with CALD which is a fatal condition. The therapy is expected to be commercially available by the end of this year.
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