Can Celgene Save Itself?

Celgene’s hard-won status as a biotech blue chip has unraveled in just months.

The latest blow came Tuesday when Celgene announced that the Food and Drug Administration took a rare step and declined to review Celgene’s application for its experimental multiple sclerosis drug, Ozanimod. Shares fell 9% in response on Wednesday. Drugs that receive such treatment often fail to ever reach the market; those that do often sell poorly.

That...