FDA finally approves ozanimod for MS, satisfying first criterion for Bristol-Celgene CVR; launch delayed due to COVID-19

FDA’s approval of Celgene’s multiple sclerosis drug Zeposia ozanimod represents the first domino to fall among three that could lead to a big payout for Celgene’s former shareholders, who would be owed a contingent value right worth billions on top of the $74 billion base price of the company’s acquisition by BMS last year.

The regulatory decision also clears Zeposia to finally enter the market amid muted expectations in a changing MS landscape. The drug has gone down a crooked path through two multibillion-dollar acquisitions, as well as a refusal-to-file letter that surprised investors during a season of setbacks for Celgene across late 2017 and early 2018 (see “Rocky Road”)...