Biogen, Eisai stocks soar on Alzheimer's success, lifting rival shares

Shares in Biogen and Eisai soared on Wednesday reflecting the surprise trial success of their experimental Alzheimer's drug, which also lifted the stocks of rival drugmakers Roche and Eli Lilly. Nearly all drugs tested to treat Alzheimer's - a fatal brain disease that affects an estimated 55 million globally - have stumbled in clinical trials.

Against the odds, Biogen and Eisai on Tuesday said their experimental drug, lecanemab, slowed progress of the brain-wasting disease by 27% compared with a placebo, in a large trial of patients in the early stages of Alzheimer's. Biogen's stock surged 50% in early premarket trading. Shares of Eisai jumped 17% to the daily limit in Tokyo.

Shares of Roche, which is expected to report results on a rival Alzheimer's drug gantenerumab later this year, jumped as much as 6% to a two-month high in early trading. Data on Eli Lilly's competing drug, donanemab, is expected by mid-2023. The U.S. drugmaker's stock was up 7.8% before the bell on Wednesday.

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