Biogen, Eli Lilly rise after Roche Alzheimer's drug failure

Prothena

14/11/2022 12:47

(Updates)
    ** Shares of Biogen Inc  BIIB.O  and Eli Lilly  LLY.N  rise
premarket after Swiss rival Roche's  ROG.S  Alzheimer's disease
drug candidate fails to meet the goal of long-awaited studies
    ** Biogen shares rise 4.6% to $302.75, while Eli Lilly
shares were up 1.9% at $356.13 premarket
    ** Roche said two studies had not reached main goal of
showing the drug, gantenerumab, could preserve abilities such as
remembering, solving problems, orientation and personal care in
early-stage Alzheimer's patients
    ** Lilly and partners Biogen and Eisai Co Ltd  4523.T  are
developing drugs that target a toxic protein plaque known as
amyloid beta
    ** Biogen and Eisai said in September their experimental
drug, lecanemab, slowed progress of disease by 27% vs a placebo,
in a large trial of early-stage Alzheimer's patients
    ** That data in September had lifted shares of BIIB, LLY and
other smaller Alzheimer's drug developers such as Prothena Corp
Plc  PRTA.O  and Acumen Pharma  ABOS.O 
    ** Prothena's shares fall 12.6% to $49.71, Acumen down 11.9%
at $5.99 before the opening bell
 (Reporting by Manas Mishra)
 ((Manas.Mishra@thomsonreuters.com))