The Food and Drug Administration (FDA) has approved the latest Novartis AG (ADR) (NYSE:NVS) cancer treatment.

The drug is considered a groundbreaking approach to treating the deadly illness and it is called CAR-T, consisting of advanced gene therapy. It harvests patients’ white blood cells and rewires them to target tumors.

Novartis’ new product is the first CAR-T therapy to arrive before the FDA, proving to be the first in many innovative treatments that will revolutionize the way cancer is approached. However, the treatment is not exactly cheap.

The price tag comes in at $475,000 for the treatment, which is considerably lower than analysts expected despite the fact that it seems extremely high. Experts predicted the price to go for as high as $750,000, while U.S. regulators said that a fair price for it would be $700,000.

CAR-T is designed to treat young adults and children with relapsed acute lymphoblastic leukemia, and it is being marketed as Kymriah. “I think this is most exciting thing I’ve seen in my lifetime,” said Dr. Tim Cripe, an oncologist with Nationwide Children’s Hospital, at an FDA meeting on Kymriah in July.

Novartis added that it is working alongside Medicare on a system in which the government would only pay for the treatment if patients respond within a month.

NVS stock fell about 1% on Wednesday.