PharmaMar shares jump after FDA approves first lung cancer treatment for 22 years

Shares of Spanish biotechnology firm Pharma Mar jumped after receiving approval from US regulators for its treatment against small cell lunch cancer treatment.

It marks the first new treatment for the disease in 22 years.

Using its accelerated approval process, the FDA approved Pharma Mar's anti-tumour compound, lurbinectedin, will be marketed under the brand name Zepzelca.

Sales of Lurbinectedin will start in early July via its US partner, Jazz Pharmaceuticals.

The Spanish company will receive a $100.0m payment from Jazz following Tuesday's milestone and up to $150.0m more once full approval is granted.

As of 1519 BST, shares of Pharma Mar were rocketing 21.63% to €7.76.