Bristol Myers Squibb rallies after FDA approves Sotyktu for psoriasis

Bristol Myers Squibb shares rose 7% in premarket trade after the company said the U.S. Food and Drug Administration approved Sotyktu, which the drugmaker said was the first innovation in oral treatment for moderate-to-severe plaque psoriasis in nearly 10 years. Bristol Myers Squibb said the approval came after Phase 3 trials found it was more effective compared to placebo and twice-daily Otezla, made by Amgen . Analysts at Mizuho Securities said Sotyku was approved without a so-called black box warning, which could pose a threat to Otezla sales, which had been estimated to run between $2 billion and $3 billion.

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