The approval prospects for Celgene Corp.'s highly anticipated multiple sclerosis drug ozanimod appear tied to a metabolite. Wall Street can't tell whether that's a good or bad thing.
During a presentation at the American Academy of Neurology's annual meeting, Celgene disclosed that the metabolite, called CC112273, was the main reason for ozanimod's efficacy. In fact, emails from the biotech to sell side analysts noted that it was responsible for about 90% of the drug's clinical activity and safety profile observed in late-stage testing.
