• Celgene said Tuesday that the FDA refused to review its multiple sclerosis drug Ozanimod for approval.
  • Upon its preliminary review, the FDA determined that the nonclinical and clinical pharmacology sections in the NDA were insufficient to permit a complete review,” Celgene said in a news release. NDA is short for new drug application. 
  • Ozanimod, if approved, is expected to make as much as $2 billion in peak sales
  • Celgene has had a difficult couple of months. In October 2017, the company had a huge earnings flop. The company’s also made two acquisition deals in 2018 so far, but the news hasn’t been enough to excite investors. 
  • Celgene’s stock fell as much as 6% in pre-market trading on Wednesday. 

Screen Shot 2018 02 28 at 9.15.40 AM

SEE ALSO: The hottest thing in cancer drug development just won a $9 billion endorsement

Join the conversation about this story »

NOW WATCH: No one wants to host the Olympics anymore — will they go away?