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

Shares of bluebird bio Inc. BLUE, -7.28% climbed 2.6% in premarket trade Wednesday, after the gene remedy corporate introduced an agreement with Celgene Corp. CELG, -1.56% to co-develop and advertise bb2121, an investigation remedy for the prospective treatment of more than one myeloma. The firms had firstly entered a research collaboration in 2013 to find, grow and commercialize oncology treatments, 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.five% over the past 3 months and Celgene stocks have tumbled 18.1%, whilst the iShares Nasdaq Biotechnology ETF IBB, -2.77% has declined 2.five% and the S&P 500 SPX, -1.73% has slipped 2.eight%.