Biogen shares rally on failure of trials for rival Alzheimer drug

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Biogen Inc. shares BIIB, -0.43% rose 4.7% in premarket trade Monday, after MorphoSys and partner Roche said a trial of a treatment for Alzheimer’s disease failed to meet its main goal. German-listed shares of MorphoSys MOR, -28.05% MOR, +2.44% fell 30% on the news, while Roche ROG, -3.49% was down 4% in Zurich as the company said Phase 3 studies evaluating gantenerumab in people with mild cognitive impairment (MCI) due to Alzheimer’s and mild Alzheimer’s dementia did not meet their primary endpoint of slowing clinical decline. Biogen, which last week named former Sanofi CEO Christopher Viehbacher as its new CEO, has a follow-up to its Alzheimer’s treatment aduhelm in trials. Dubbed lecanemab, the drug slowed cognitive decline by 27% in a Phase 3 clinical trial, according to data released by Biogen and partner Eisai in October. The drug also appears to help people with day-to-day functions, like managing their finances, taking care of household responsibilities, and being able to leave their homes, executives said Tuesday during an earnings call. Additional data is expected by the end of November and Biogen has said it would submit the drug for full approval by March of 2023. Biogen shares are up 21% in the year to date, while the S&P 500 SPX, +0.92% has fallen 16%.

This article was originally published by Marketwatch.com. Read the original article here.

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