Pharmaceutical giant Biogen (NYSE: BIIB) stands out tonight (Friday) in Wall Street trading with sharp gains of more than 9% to a market capitalization of $ 48.1 billion. Against the background of the leap, the company announces a positive development regarding Alzheimer’s treatment.
Biogen announces today that the US Food and Drug Administration (FDA) has decided to put the aducanumab drug that the company is developing into the fast-track approval path. Has been examining a cure for the disease since 2003.
The drug for drops in Alzheimer’s patients has suffered setbacks when it comes to Biogen’s treatment of it. Last year the company announced that it was stopping the development of the drug but later in the year it announced that the condition of patients treated with the drug has improved and so it is back to development. During the year it announced that it would go through a trial phase of the drug and submit a suitable application to the FDA in early 2020. In April the company announced that it was rejecting the application following the Corona virus. Today, as stated, the company announces that it is entering an agile approval process.
Biogen published its results for the last quarter on July 22nd. The company reported revenue of $ 3.6 billion, a 2% increase over the period received last year. Bottom line, the company reported a net profit of $ 1.54 billion, a 3% increase over the 2nd quarter of 2019.
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