CHICAGO/TOKYO: Biogen Inc and partner Eisai Co Ltd are ending two late-stage trials of their experimental Alzheimer's disease drug aducanumab, a major setback in the quest to find a treatment for the mind-wasting disease and blow to Biogen, which lost more than US$18 billion of its value on Thursday.
Markets in Japan were closed for a national holiday so the impact of the news on Eisai will be delayed. Abrahams, who reduced his Biogen price target to US$240 per share, said further declines were likely given that"investors owned Biogen to not miss out on what could have been one of the biggest blockbuster products in the pipeline of large biopharma."Any successful treatment for Alzheimer's, which affects about 5.7 million Americans, is virtually guaranteed to become one of the world's top-selling drugs.
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