Eli Lilly falls after rival Alzheimer's drug gets full approval with warning

Prothena

07/07/2023 16:11

** Shares of Eli Lilly and Co  LLY.N  fall 1.9% to $454.21
    ** Eisai  4523.T  and Biogen's  BIIB.O  Alzheimer's drug
Leqembi won a coveted standard approval nod from the U.S. Food
and Drug Administration on Thursday, but with the health
regulator's strongest "boxed" safety warning
    ** The warning flagged the risk of potentially dangerous
brain swelling for Alzheimer's drugs in the same class
    ** The safety warning will also apply to LLY's donanemab, an
experimental Alzheimer's drug that was shown to slow cognitive
decline by 35% in a late-stage trial
    ** Full results from LLY's late-stage study are expected
this month 
    ** The U.S. health regulator in January rejected accelerated
approval for LLY's donanemab because the co had not submitted
enough trial data from patients who were treated for at least a
year 
    ** LLY stock up ~24% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))