Bristol Myers Squibb Psoriasis Drug Notches FDA Approval
Bristol Myers Squibb BMY (NYSE) 2019 acquisition of Celgene continues to pay dividends. At the time, Bristol Myers Squibb chose to keep deucravacitinib, instead of the approved Otezla, as a potential treatment for moderate-to-severe plaque psoriasis. (Otezla is now owned by Amgen.)
The drug, now known as Soyuktu recently earned FDA approval and Bristol Myers Squibb anticipates launching it widely in the next few weeks with the hope that it will reach its $4 billion potential. BMS stock jumped 7.6 percent on the heels of the FDA’s announcement.
Psoriasis is a skin disease that causes a rash and patches of thick red skin and scales. Of the 7.5 million U.S. patients, about 2 million have moderate-to-severe plaque psoriasis.
Samit Hirawat, chief medical officer for Bristol Myers Squibb, was quoted in an interview, as saying, “There is no doubt in our minds that this is the right drug.”
The recent FDA approval followed the POETYK PSO program, which compared Soyuktu to a placebo and Otezla, and achieved clinically meaningful results. The drug was also well-tolerated by patients in the study. Soyuktu is now being tested for other immune-mediated diseases including Crohn’s disease, ulcerative colitis, psoriatic arthritis and lupus erythematosus.