Biogen Idec jumps after BG-12 data

Biogen Idec Inc. (NASDAQ:BIIB) gained $13.13 (15%) to $99.70 on Thursday after reporting additional data from the Phase III DEFINE trial of oral multiple sclerosis (MS) candidate BG-12. Twice-daily BG-12 significantly reduced the proportion of patients who relapsed at two years, the primary endpoint, by 49% vs. placebo (p<0.0001). On secondary endpoints, BG-12 significantly reduced annualized relapse rate (ARR) and disability progression by 53% and 38%, respectively, vs. placebo at two years. The product is a dimethyl fumarate that activates the NF-E2-related factor 2 (Nrf2) pathway.

Teva Pharmaceutical Industries Ltd. (NASDAQ:TEVA), which is developing oral MS candidate laquinimod, fell $4.16 to $45.01. Last week, data from the Phase III ALLEGRO trial showed laquinimod reduced ARR, the primary endpoint, from baseline to two years by 23% vs. placebo. Laquinimod significantly reduced disability progression by 36% vs. placebo. Teva said in a statement on Thursday that "methodological differences between the DEFINE and ALLEGRO studies, mainly in the definition of the key endpoints, only underscore the inability to compare these two important clinical trials." Teva lost about $3.7 billion in market cap on Thursday, while Biogen Idec gained $3.2 billion. ...