The U.S. Food and Drug Administration has approved Insmed's daily bronchiectasis pill, brensocatib, which will be sold under the brand name Brinsupri.

The U.S. Food and Drug Administration has approved Insmed's oral drug for a type of lung disease, the company said on Tuesday, making it the first treatment for the chronic condition. Shares of the New Jersey-based drugmaker rose 6% in afternoon trade.

A first-in-class reversible dipeptidyl peptidase-1 (DPP-1) inhibitor, brensocatib addresses the underlying inflammatory process of the serious chronic lung disease, which can lead to permanent lung damage and affects roughly half a million people in the U.S.