Biogen Plunges as Multiple Sclerosis Drug Fails in Trial
- Stock falls most since July 2015 on mid-stage trial miss
- Patients didn’t do significantly better than those on placebo
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Biogen Inc. plunged the most in almost a year after an experimental drug for multiple sclerosis that investors and patients had hoped might alter the course of the neurological disease failed in a mid-stage trial.
The drug, called opicinumab, missed both the main and secondary goals for treating the disorder, Biogen said Tuesday in a statement. Shares fell 12 percent to $254.88 at 12:01 p.m. in New York, the biggest intraday drop since July 2015.