Bristol Myers' treatment succeeds in late-stage bowel disease study

(Reuters) - U.S. drugmaker Bristol Myers Squibb Co said on Tuesday its treatment Zeposia, which it gained through its $74 billion buyout of Celgene last year, met the main goals of a late-stage study testing it in patients with an inflammatory bowel disease.

Zeposia was approved by U.S. regulators for treating multiple sclerosis patients in March, but the drug became commercially available only on Monday as the COVID-19 pandemic delayed its launch.

Bristol Myers said patients taking the drug, also known as ozanimod, achieved clinical remission of ulcerative colitis when compared to a placebo.

Ulcerative colitis can lead to frequent stomach pain, cause bloody stools and affects an estimated 12.6 million people globally, the company said.

The drug competes in the highly lucrative but competitive multiple sclerosis market and is also being tested for the treatment of other immune-inflammatory diseases such as Crohn's disease.

Zeposia, which is available at a list price of $86,000 a year for the treatment of multiple sclerosis patients, is expected to bring in sales of over $400 million by 2021, according to IBES data from Refinitiv.

(Reporting by Manas Mishra in Bengaluru; Editing by Amy Caren Daniel)