Eli Lilly rises as rival Biogen's Alzheimer's drug gets FDA nod

Prothena

06/01/2023 20:58

** Shares of drugmaker Eli Lilly  LLY.N  rose 2% to $366.7
after U.S. health regulator approves rival Biogen  BIIB.O  and
Eisai's  4523.T  Alzheimer's drug Leqembi 
    ** Both BIIB/Eisai's Leqembi and LLY's donanemab belong to a
class of treatments that work to slow advance of the fatal
disease by removing sticky clumps of the toxic protein beta
amyloid from the brain 
    ** Brokerage Truist Securities believes it's likely that
U.S. Food and Drug Administration will grant accelerated
approval to LLY's donanemab 
    ** Shares of smaller Alzheimer's drug developer Prothena
Corp  PRTA.O  also gained ~6% following the news 
    ** LLY gained 32% in 2022 while PRTA rose ~22% 
 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))