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Biogen, Eisai AD readout leads to stock dive

July 26, 2018 9:56 PM UTC

Biogen Inc. (NASDAQ:BIIB) sank $39.09 (10%) to $344.74 on Thursday after reporting detailed data from a Phase II trial of Alzheimer's disease candidate BAN2401. Although the data showed that the anti-β amyloid therapy slowed cognitive decline by as much as 30%, inconsistencies in the dose response and an imbalance of high-risk patients across the treatment and placebo arms appeared to spook investors (see "BAN2401 Slows Cognitive Decline by 30% in Phase II Alzheimer's Trial").

With Thursday's move, Biogen shed more than $7.9 billion in market cap. The company's partner Eisai Co. Ltd. (Tokyo:4523) dipped ¥1,121 (10%) to ¥9,989 on Thursday, losing about ¥332 billion ($3 billion) in market cap. The companies partnered in 2014 to develop Eisai's AD candidates, including BAN2401 and elenbecestat (E2609), a β-site APP-cleaving enzyme 1 (BACE1) inhibitor in Phase III testing to treat early AD...

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Beta amyloid