Bluebird bio’s stock surges after Celgene co-development and promotion agreement

Shares of bluebird bio Inc. climbed 2.6% in premarket trade Wednesday, after the gene therapy company announced an agreement with Celgene Corp. to co-develop and promote bb2121, an investigation therapy for the potential treatment of multiple myeloma. The companies had originally entered a research collaboration in 2013 to discover, develop and commercialize oncology therapies, including bb2121. “We are extremely pleased to advance our collaboration with bluebird on bb2121 and we believe this therapy has the potential to significantly impact the treatment approach and outcomes for patients with multiple myeloma,” said Nadim Ahmed, president of hematology and oncology for Celgene. Bluebird’s stock has lost 2.5% over the past three months and Celgene shares have tumbled 18.1%, while the iShares Nasdaq Biotechnology ETF has declined 2.5% and the S&P 500 has slipped 2.8%.

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