Biogen Sinks as ALS Drug Fails to Show Efficacy in Trial
This article is for subscribers only.
Biogen Idec Inc. declined the most in almost two months after the third-biggest biotechnology company said its experimental drug for amyotrophic lateral sclerosis failed to help patients in a clinical trial.
Biogen sank 1.4 percent to $147.86 at 4 p.m. New York time after saying it will end development of the medicine for ALS, also known as Lou Gehrig’s disease. It was the stock’s biggest one-day decline since Nov. 8. The shares of the Weston, Massachusetts-based drugmaker have gained 30 percent in the last 12 months.