Bristol-Myers Squibb (BMY) - Get Report said Tuesday that Zeposia, its treatment for moderate to severe ulcerative colitis, met the primary goals of a late-stage study testing it in patients with an inflammatory bowel disease.
Shares of the New York drugmaker at last check were up 0.9% to $60.84.
The company said patients taking the drug, generically ozanimod, experienced clinical remission of ulcerative colitis when compared with those taking a placebo.
Bristol-Myers Squibb obtained Zeposia when the company acquired cancer drug specialist Celgene Corp. last year.
The company said that an estimated 12.6 million people worldwide suffer from inflammatory bowel disease.
Samit Hiraway, chief medical officer at Bristol Myers Squibb, said in a statement that the results are "are encouraging for patients living with moderate to severe ulcerative colitis. ...
"Zeposia demonstrated consistency across key clinical and endoscopic endpoints, suggesting Zeposia may address the need for new oral therapy options with a favorable benefit-to-risk profile in the treatment journey.""
The U.S. Food and Drug Administration in March approved Zeposia for treating relapsing forms of multiple sclerosis, but the drug's launch was delayed until Monday due to the coronavirus pandemic.
Tina Deignan, vice president and the company's U.S. head of immunology, said Zeposia "requires no first-dose observation, which may minimize the number of interactions RMS patients need to have with healthcare practitioners prior to initiating therapy during this unprecedented time of social distancing.”
The European Commission last month cleared Zeposia to treat adult patients with relapsing-remitting MS. Bristol-Myers Squibb is also investigating Zeposia for moderately to severely active Crohn’s disease.