Prognosis
Biogen Soars as Alzheimer’s Approval Cheers Investors
- FDA clearance follows years of research disappointments
- Drug, seen as likely blockbuster, to cost $56,000 annually
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Biogen Inc. shares surged after its controversial Alzheimer’s disease therapy was approved by U.S. regulators, a landmark decision that stands to dramatically change treatment for the debilitating brain condition.
The stock gained as much as 64% shortly after the news of the clearance, triggering a brief volatility halt. It ended up 38% at $395.85, the biggest single-day gain since drug officials first said that the treatment appeared effective in November.