October 23, 2019
Shares of Biogen soared 30% on Tuesday, October 22, CNBC reported, after the drugmaker announced it was seeking regulatory approval for the Alzheimer’s drug, Aducanumab, which it had announced it was at least temporarily giving up on earlier this year.
The announcement from Cambridge, Massachusetts-based Biogen and Tokyo-based Eisai—a leading global research and development-based pharmaceutical company—came after a consultation with the U.S. Food and Drug Administration (FDA) on plans to pursue a regulatory approval for the drug after a Phase 3 EMERGE Study met its primary endpoint—showing a significant reduction in clinical decline.
According to the joint research teams, ‘Patients who received Aducanumab experienced significant benefits on measures of cognition and function such as memory, orientation, and language. Patients also experienced benefits on activities of daily living—including conducting personal finances; performing household chores, such as cleaning, shopping, and doing laundry; and independently traveling out of the home.
They noted, “If approved, Aducanumab would become the first therapy to reduce the clinical decline of Alzheimer’s disease and would also be the first therapy to demonstrate that removing amyloid beta resulted in better clinical outcomes.”
Indeed, Biogen erased its entire 25% year-to-date decline after the announcement became public. The company plans to file for approval with the FDA in early 2020.
“The whole concept of senior living will change,” commented CNBC’s Cramer. “You know whose going to take this drug?” asked Cramer. “Everyone.”
Research contact: @CNBC