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All-or-Nothing Bet on New Bristol Myers Drugs Faces First Test

Bristol-Myers Squibb Co. Products As Company To Acquire Celgene Co. In $74 Billion Cancer-Drug Bet 
Photographer: Daniel Acker/Bloomberg

An upcoming U.S. regulatory decision for Bristol Myers Squibb Co.’s multiple sclerosis treatment marks the first of three key milestones that will dictate the fate of its all-or-nothing payment to former Celgene Corp. investors.

The Food and Drug Administration is slated to decide whether to approve the first medicine, ozanimod, by March 25. Many on Wall Street anticipate the drug will win approval based on solid data and the fact that regulators agreed to review the filing after it was turned down in 2018.