UPDATE 1-Bristol Myers, Bluebird bio set multiple myeloma therapy list price at $419,500

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March 29 (Reuters) - Bristol Myers Squibb Co and partner bluebird bio Inc set the wholesale list price of their newly approved multiple myeloma therapy at $419,500, the companies said on Monday.

The U.S. FDA on Friday approved the treatment, Abecma, for adult patients with multiple myeloma after four or more prior lines of treatment, making it the first CAR-T therapy approved for the cancer that affects plasma cells.

CAR-T therapies take immune system cells from a patient and re-engineer them to better fight certain blood cancers.

The therapy has the potential to assume “leadership position” in the multiple myeloma space as the closest competition, Johnson & Johnson and Legend Biotech’s cilta-cel, is at least 9-12 months behind, brokerage Cowen and Co said in a note.

Brokerage Piper Sandler expects the treatment to bring in sales of over $2.5 billion by 2030.

Bluebird bio shares were up 4.3% at $31.2 in mid-day trading, while Bristol’s stock was flat at $64.

The list price is not necessarily what patients actually pay and “out-of-pocket” costs vary based on the duration of the treatment and individual healthcare plans.

Abecma is being jointly developed and commercialized in the United States as part of an agreement between Bristol Myers Squibb and bluebird bio. (Reporting by Mrinalika Roy in Bengaluru; Editing by Sriraj Kalluvila)