Merck & Company, Inc. (MRK) shares rallied Tuesday after the FDA approved a combination therapy for muscle-invasive bladder cancer, marking another win for the pharma giant's oncology pipeline.

The FDA greenlit pembrolizumab (Merck's blockbuster Keytruda) combined with enfortumab vedotin-ejfv for bladder cancer treatment. What's notable here isn't just the approval itself, but how quickly it happened. The agency beat its own target date by five months, granting the medications priority review status.

The Fast Track Explained: The expedited timeline came through Project Orbis, an FDA initiative that lets multiple countries review promising cancer drugs simultaneously. For this approval, regulators from Australia, Canada, Switzerland and the United Kingdom worked alongside U.S. counterparts to speed things along. It's the kind of international cooperation that can shave months off the typical approval process.

Market Reaction: Investors clearly liked what they heard. Merck shares jumped 4.31% to $99.06 on strong volume as the news hit.