Biogen Up on Encouraging Interim Data on Alzheimer's Drug
Biogen Idec Inc.’s (BIIB) shares were up 6.4% immediately after the company reported encouraging interim results from an early-stage study on its anti-amyloid beta antibody, BIIB037. Biogen is evaluating BIIB037 for the treatment of Alzheimer’s disease. The data was presented at the Deutsche Bank BioFEST conference.
According to reports from various sources, interim results from the phase Ib study, which was conducted on 194 Alzheimer patients demonstrated both dose- and time-dependent reductions in beta-amyloid levels in the brain. Moreover, a statistically significant improvement in cognition was observed after 54 weeks of treatment. However, there were some side effects called amyloid related imaging abnormalities (ARIA). Biogen intends to move the candidate into phase III based on the promising results.
We are pleased with the results from the early-stage study. As per data provided by the Alzheimer's Association, Alzheimer’s, the most common form of dementia, affects nearly 5 million people in the U.S. aged 65 years and above.
The Alzheimer’s disease market offers huge commercial potential and a successfully developed product could generate billions of dollars in sales. However, we note that the successful development of therapies for the treatment of Alzheimer’s disease is challenging and several companies including Eli Lilly (LLY) have faced setbacks.
Currently, Eli Lilly and AstraZeneca (AZN) are jointly developing a treatment for Alzheimer’s disease. Earlier this week, the companies announced the initiation of the phase II/III AMARANTH study on AZD3293 (LY3314814). The study will evaluate the safety and efficacy of AZD3293 in comparison to placebo for the treatment of early Alzheimer’s disease.
Biogen currently carries a Zacks Rank #1 (Strong Buy). An equally well-ranked stock in the biotech sector is Amgen Inc. (AMGN).
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