Arena Pharmaceuticals, Inc. (ARNA)

[operating_line]

Feb 2018 support for hypothesis: Novartis & Arena

"Rivals may profit off Celgene’s pain. Novartis AG (ADR)'s Gilenya and Arena Pharmaceuticals, Inc.’s etrasimod were expected to cede market share to ozanimod — a threat that weighed on the developers’ theses."

https://www.benzinga.com/general/biotech/18/02/11275518/regulatory-concern-for-celgenes-ozanimod-could-be-big-for-arena-pharm

Novartis could take control of this market with an acquisition of Arena (through selling stake in Roche) if they believe Etrasimod would otherwise threaten Gilenya.

Background:
https://www.specialtypharmacytimes.com/news/fda-stopping-ms-treatment-gilenya-may-lead-to-severe-disease-worsening

https://www.fool.com/investing/2018/02/14/celgenes-future-growth-could-depend-on-a-competito.aspx

https://www.medpagetoday.com/meetingcoverage/acg/75588