Biogen Surges as Momentum for Alzheimer’s Treatment Revives Hope
- Shares surge 42%, marking largest intraday gain on record
- Company says FDA encouraged submission, won’t need more trials
Photographer: Scott Eisen/Bloomberg
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Biogen Inc. will ask U.S. drug regulators to approve the company’s experimental Alzheimer’s therapy, reviving the nearly abandoned treatment after a new analysis of more data from two failed clinical trials showed promising results.
The move by Biogen -- if successful -- would be the drug industry’s most dramatic reversal of fortune in history. The company said it made the decision after talking with the U.S. Food and Drug Administration and reviewing data showing the therapy helped Alzheimer’s patients’ cognitive function and their ability to perform basic tasks.