Categories Other Industries

Biogen shares rally on success of experimental Alzheimer’s drug

Shares of biotech company Biogen (BIIB) rallied on Thursday during the after-hours trading after the company said it achieved positive results from final analysis of its Phase II trial of an Alzheimer’s drug. The advanced drug candidate, BAN2401, was developed in partnership with a Tokyo-based pharma company Eisai.

The drug companies stated that their experimental drug, BAN2401, had significantly reduced the growth of the neurodegenerative disease after 18 months of treatment, thereby passing the mid-stage trial. This recent success marks an important breakthrough for Biogen in this field.

The companies, however, did not offer an update on its Phase III trial plans. If Biogen and Eisai succeed with positive results in Phase 3, it will be a huge achievement, as many pharma companies that have spent billions into R&D to find a cure for Alzheimer’s Disease have met with little success. Despite being a common disease in the US, there are currently only five drugs that are approved by the FDA to treat Alzheimer’s.

Recently, Biogen agreed to spend $700 million to boost its stake in Samsung Bioepis. When both the companies entered into a partnership in 2012, Biogen had an ownership of 5.4%. Now Biogen has increased it to 49.9% stake. Samsung Bioepis has a gained a firm foothold in biosimilar market and currently has six late-stage candidates in its pipeline.

According to FiercePharma, the reason why Biogen upped its stake in Samsung Bioepis is because of the looming competitive threat on Biogen’s Multiple Sclerosis franchise that has been a growth driver for the company.

Most Popular

What to look for when CVS Health (CVS) reports Q3 earnings

Healthcare company CVS Health Corporation (NYSE: CVS) is all set to report earnings next week, with Wall Street expecting a mixed outcome. The company has been facing challenges in certain

eBay (EBAY): A few factors that helped drive growth in Q3 2024

Shares of eBay Inc. (NASDAQ: EBAY) stayed green on Friday. The stock has gained 32% year-to-date. The ecommerce leader delivered revenue and earnings growth for the third quarter of 2024,

CVX Earnings: Chevron reports lower revenue and profit for Q3 2024

Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top