Biogen stocks rally nearly 40% on its drug approval
The company’s stocks soared more than 50% before closing 38.3% higher
Stocks impacted: Biogen Inc. (BIIB)
The Food and Drug Administration granted approval to the drug developed by Biogen for patients with Alzheimer's disease. the regulator noted that results from clinical trials of Aduhelm were mixed, but the drug was shown to reduce amyloid-beta plaques in the brain, which is likely to benefit patients. The company has priced the drug at $56,000 per year and said the price would not be raised for four years. U.S. health insurers and the U.S. government's Medicare program will bear most of the cost of the drug. Now, the FDA is requiring the drugmaker to conduct a follow-up study to confirm benefits for patients. Biogen aims to complete its follow-up trial of the drug by 2030. In a knee-jerk reaction to the news, Biogen stocks soared more than 50% before closing 38.3% higher, at their highest closing level in over six years.
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