Biogen scraps two late-stage trials for Alzheimer's treatment
Biogen Inc and Eisai Co Ltd are abandoning two late-stage trials for their Alzheimer's treatment in a widely anticipated move that comes months after the companies scrapped trials of another drug for the memory-robbing disease.
The companies said on Friday that the decision was based on the results of a review conducted by a data safety monitoring board, which recommended discontinuing the trials as benefits from the treatment, elenbecestat, did not outweigh its risks.
Shares of Biogen were up 2.3% at $237.60 as some analysts said ending the trial would save the company costs associated with running it through its completion.
"This was widely expected by the investment community, including ourselves, and amounts to a further step in the unwinding of Biogen's expensive, painful and ultimately fruitless investment in Alzheimer's disease drug development," SVB Leerink analyst Geoffrey Porges said.