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New gene therapy has $1.8 million price tag

The price of Zynteglo, a new gene therapy made by Bluebird Bio to treat a rare genetic blood disorder, will be almost €1.6 million ($1.8 million) in Europe, the company said Friday.

What's happening: Bluebird expects to get FDA approval for Zynteglo next year and to price it similarly in the U.S., Reuters reports.

The big picture: Zynteglo becomes the second-most expensive drug in the world behind Zolgensma, the $2.1 million gene therapy made by Novartis.

Yes, but: Bluebird will only collect that full price if the treatment is effective in patients after five years, the company said. Health insurers essentially will pay $357,000 per year.

Go deeper: The drug pricing debate is stuck in the past