MA-based biotech company Genzyme (NASDAQ: GENZ) has declared that it has got approval from FDA for a new drug for blood cancer patients. Clearance has been given for the sale of plerixafor (Mozobil) as an injectable drug for patients with a pair of deadly blood malignancies, non-Hodgkin’s lymphoma and multiple myeloma, who need transplants of blood-forming stem cells.

During the clinical trials, Mozibil has shown that it can rapidly and effectively increase the number of stem cells in circulation in patients with non-Hodgkin's lymphoma and multiple myeloma. Once circulating in the blood, the stem cells can be collected for stem cell transplant.

The new drug has also been granted the status of orphan drug. The company has got the rights for seven years marketing before a similar drug can be approved.

Genzyme specializes in treatments for rare genetic disorders. The company said that it believes Mozobil can achieve eventual peak annual sales of $400 million. The company shares rose 0.7 percent in after-hours trading.