The FDA approved a new cancer therapy (AP Photo/Rich Pedroncelli, File)

The Food and Drug Administration approved a first-of-its-kind cancer treatment today, flexing a relatively new regulatory authority and emphasizing its potential to promote competition and bring down drug costs.

The drug, Mvasi, belongs to a class of drugs known as "biosimilars" — which are like generic versions of highly complex, and therefore expensive, biologic drugs.

Why it matters: Drug pricing traditionally hasn't been the FDA's forte, but Commissioner Scott Gottlieb is aggressively promoting more competition — especially from generics — as a way to make drugs more affordable.

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Updated 3 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 1 a.m. ET: 20,284,882 — Total deaths: 741,126— Total recoveries: 12,585,473Map.
  2. U.S.: Total confirmed cases as of 1 a.m. ET: 5,141,208 — Total deaths: 164,537 — Total recoveries: 1,714,960 — Total tests: 63,252,257Map.
  3. States: Georgia reports 137 coronavirus deaths, setting new daily record Florida reports another daily record for deaths.
  4. Health care: Trump administration buys 100 million doses of Moderna's coronavirus vaccine.
  5. Business: Moderna reveals it may not hold patent rights for vaccine.
  6. Sports: Big Ten scraps fall football season.
  7. World: Anthony Fauci "seriously" doubts Russia's coronavirus vaccine is safe

Ilhan Omar wins Minnesota primary

Photo: Stephen Maturen/Getty Images

Rep. Ilhan Omar (D-Minn.) won the Democratic primary against lawyer Antone Melton-Meaux on Tuesday evening, AP reports.

Why it matters: The race is one that's played out across the U.S. as progressives continue to sweep party nominations. Omar's win officially means all four progressive members of "The Squad" have won their primary elections.

Updated 3 hours ago - Politics & Policy

25 face felony charges after downtown Chicago hit by looters

Police officers inspect a damaged Best Buy in Chicago that was looted and vandalized. Photo: Scott Olson/Getty Images

Local police officers are seeking felony charges in 25 cases following the arrest of 100 people in the wake of widespread looting and property damage in Chicago on Monday, per the Washington Post.

Driving the news: Law enforcement said the event involving hundreds of people was a coordinated response after an officer shot a suspect Sunday evening, according to CBS Chicago.