The FDA approved a treatment for advanced multiple myeloma made by Bristol Myers Squibb, marking the debut of a new class of drugs for the blood cancer.

FDA approved Bristol Myers Squibb's iberdomide (Zenbexus) for relapsed/refractory multiple myeloma at $29,500/cycle, used with Darzalex and dexamethasone.

The clearance of Zenbexus is the first for a group of protein-degrading “CELMoD” medicines that could help Bristol Myers rejuvenate a key drug franchise.