What happened Shares of bluebird bio (NASDAQ: BLUE) were jumping 4% as of 3:30 p.m. EDT on Monday after rising as much as 10.8% earlier in the day. The gain came after Bluebird and its partner Bristol Myers Squibb (NYSE: BMY) announced on Friday that the U.S. Food and Drug Administration (FDA) approved Abecma (ide-cel) as a fifth-line treatment for multiple myeloma. So what FDA approval was expected for Abecma. However, it came later than Bluebird hoped it would. The FDA issued a Refusal to File letter on Bluebird and BMS' first regulatory submission for the cell therapy in May 2020. The partners quickly addressed the FDA's issues, though, and refiled in July. Image source: Getty Images. Normally, approval as a fifth-line treatment would mean the commercial opportunity for a drug is very limited. In multiple myeloma, though, most patients progress through multiple therapies. An initial therapy might work at first but later become less effective, resulting in the patient relapsing. Physicians then usually prescribe a therapy in a different drug class. FDA approval of Abecma came with a boxed warning for several potential adverse reactions including cytokine release syndrome and neurologic toxicities. Because of these possible safety issues, the drug will be available only through a restricted program under a Risk Evaluation and Mitigation Strategy (REMS). Now what Bluebird's FDA win for Abecma as a fifth-line treatment could bode well for the biotech stock in the future. The drug is currently being evaluated in a late-stage study as a third-line treatment for multiple myeloma and in phase 1 and phase 2 studies for earlier-line settings. 10 stocks we like better than Bluebird BioWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Bluebird Bio wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Keith Speights owns shares of Bristol Myers Squibb. The Motley Fool owns shares of and recommends Bluebird Bio and Bristol Myers Squibb. The Motley Fool has a disclosure policy.Source