Aducanumab approval lifts shares of biotechs with Alzheimer’s programs

FDA’s willingness to approve Biogen’s aducanumab based on a surrogate endpoint rather than clinical benefit has created the perception that other biopharmas with Alzheimer’s programs may have a lower bar to attain for approval than previously thought, driving up stocks Monday and adding a total of $36 billion in market cap to Biogen and Lilly.

At a press briefing shortly after Monday’s approval, FDA officials indicated the move could set a precedent in neurodegenerative diseases for greater use of accelerated approval, and it hopes that the field will benefit from the pathway as oncology has...