Bristol-Myers Squibb ($BMY) picked up FDA approval to use its new oncology treatment in lung cancer, significantly boosting the value of a therapy already expected to bring in billions each year.

The FDA’s latest approval of Opdivo, already cleared for melanoma, comes just days after the agency accepted Bristol-Myers’ application and more than three months ahead of schedule. Bristol-Myers’ treatment is designed to galvanize an immune system attack on tumors by blocking a pathway called PD-1, which, left unchecked, allows cancer cells to pass undetected by the body’s natural defenses.… Read more