The Food and Drug Adminstration on Wednesday approved Kite Pharma’s cell-based therapy treatment for patients with advanced lymphoma marking the second approval for the cutting edge cancer treatment known as Car-T.

Gilead Sciences, which bought Kite Pharma earlier this year, said the price for Yescarta, a therapy known as as chimeric antigen therapy, would be $373,000. The process involves extracting a person’s cells and re-engineering them to attack and kill cancer cells.

“Today marks another milestone in the development of a whole new scientific paradigm for the treatment of serious diseases. In just several decades, gene therapy has gone from being a promising concept to a practical solution to deadly and largely untreatable forms of cancer,” FDA Commissioner Scott Gottlieb, said. “This approval demonstrates the continued momentum of this promising new area of medicine and we’re committed to supporting and helping expedite the development of these products.

The win for Gilead comes after Novartis secured approval in August to use Car-T to treat a type of lukemia in children and young adults. Novartis said it would charge $475,000 a patient for its therapy.

Gilead Sciences shares were up 3 per cent to $82.47 in after hours trade.

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