Biogen Inc (NASDAQ:BIIB) shares were down up to 8% in early trading Wednesday, as investors sold the biotech’s stock following a major competitor’s drug failure.
Fear spread that Biogen’s own flagship Alzheimer’s drug, aducanumab, could face similar problems after Eli Lilly’s treatment failed a key drug trial. Lilly shares were trading off as much as 15% in premarket action following that piece of news this morning.
Ely Lilly’s drug, dubbed solanezumab, did not meet the primary endpoint in the EXPEDITION3 clinical trial. Biogen is developing a similar treatment with Eisai (ESALY) as a potential Alzheimer’s disease modifying treatment — the same indication that LLY was pursuing.
Back in September, BIIB announced that aducanumab was granted “Fast Track” designation by the FDA. The company also noted the following results back then:
In a recently completed interim analysis from PRIME, efficacy and safety data were consistent with results previously reported. These data support the design of the ongoing Phase 3 ENGAGE and EMERGE studies. Biogen plans to share detailed information about these results at upcoming medical meetings.
Biogen is slated to share detailed information about the drug’s effectiveness at the Clinical Trials on Alzheimer’s Disease (CTAD) conference in San Diego on December 9, 2016.
Biogen shares fell $22.11 (-6.95%) to $296.00 in volatile premarket trading Wednesday. Prior to today’s news, BIIB had gained 3.84% year-to-date.