Biogen stock plummets 28% after Alzheimer’s trial halt
Shares of pharmaceutical giant Biogen Inc. plunged 28% on Thursday morning after the drugmaker said it would discontinue its Phase 3 trials of aducanumab, an investigational drug designed to slow cognitive decline in patients with early Alzheimer’s disease.Biogen BIIB, -28.40% and drug development partner Eisai Co. Ltd 4523, -0.24% ESALY, -29.58% said the decision was based on the results of an interim analysis conducted by an independent monitoring committee.
Without its potential blockbuster Alzheimer’s drug, Biogen now needs “a more aggressive business development approach to de-risk and diversify” its pipeline, said RBC Capital Markets analyst Brian Abrahams in a note to investors on Thursday. Aducanumab’s promise prevented many investors from seeing the competitive risks to the company’s multiple sclerosis and spinal muscular atrophy businesses, he said.
The failure of aducanumab is a big setback for not just company, but also for the so-called amyloid hypothesis, which holds that a buildup of protein fragments called beta amyloid is the primary cause of Alzheimer’s disease. Biogen’s aducanumab is a monoclonal antibody that targets aggregated beta amyloid.
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