Biogen scraps Alzheimer drug trials, wiping US$17 billion off its market value

REUTERS: Biogen and partner Eisai Co Ltd are ending two late-stage trials for the experimental Alzheimer's drug aducanumab, in a setback to efforts to find treatments for the disease and for Biogen's stock, which lost more than US$17 billion of its value on Thursday.

Shares of Biogen sank 27 percent to US$233.98 in U.S. morning trading, its largest drop since Aug. 1, 2008 when it fell 28 percent. Japanese markets were closed for a national holiday. The trials ended just two weeks after Eisai's chief executive had expressed confidence in the drug."I believe we have already gone through the riskiest stage," Haruo Naito had said at a news briefing earlier this month.

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Biogen scraps two Alzheimer drug trials, wipes US$18 billion from market valueBiogen and partner Eisai Co Ltd are ending two late-stage trials testing an Alzheimer's drug, they said Thursday, marking the latest setback for ...
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