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Blueprint Medicines won approval Thursday of its first drug, a precision medicine that dramatically shrank tumors caused by an ultra-rare form of gastrointestinal cancer.

The Food and Drug Administration’s approval of the medicine for a form of gastrointestinal stromal tumors, or GIST, marks an “incredibly exciting milestone for our company and, more importantly, for GIST patients,” said Jeff Albers, chief executive officer of the biotech based in Cambridge, Mass.

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