Biogen will cease late-stage clinical trials of aducanumab, its experimental Alzheimer’s disease drug. Around $3bn in aducanumab sales were predicted for 2023. Biogen shares plunged about 25% in early trading on Thursday. The news comes as the company faces a legal challenge to its multiple sclerosis treatment, Tecfidera, as well as growing competition in its biggest-selling disease categories. In an email sent on Tuesday, Biogen’s chief executive officer and president, Ian Read, said that he was “deeply disappointed” by the news.
Biogen will cease late-stage clinical trials of aducanumab, its experimental Alzheimer’s disease drug. Around $3bn in aducanumab sales were predicted for 2023. The news comes as the company faces a legal challenge to its multiple sclerosis treatment, Tecfidera, as well as growing competition in its biggest-selling disease categories. In an email sent on Tuesday, Biogen’s chief executive officer and president, Ian Read, said that he was “deeply disappointed” by the news.