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D.E. Shaw, Arrowstreet Bets Pay Off With Biogen Drug Revival

A technician prepares a sample inside a laboratory
Photographer: Anthony Kwan/Bloomberg
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Biogen Inc. shareholders who stuck around despite dimming prospects for the company’s experimental Alzheimer’s therapy are being rewarded for their patience Tuesday after the shocking plans for the drug’s return triggered a record rally in the share price.

Shares of the drugmaker surged 38% to $308.42 at 9:38 a.m. in New York, almost completely erasing losses from when the drug failed an analysis back in March. RBC Capital analyst Brian Abrahams wrote that Biogen’s plans to file for approval early next year bring “back to life a drug that had been completely left for dead.”