The U.S. Food and Drug Administration said Wednesday it has approved Bristol-Myers Squibb Co.'s Opdivo as a treatment for lung cancer, the leading cause of cancer death in the country. Opdivo has already been approved for patients with unresectable (cannot be removed by surgery) or metastatic melanoma who no longer respond to other drugs, the FDA said in a statement. Opdivo works by inhibiting the cellular pathway on cells that blocks the immune system from fighting cancer cells. Bristol-Myers shares rallied 3.8% on the news, and are up 9% in the last three months, while the S&P 500 has gained about 1.8%.
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