Biogen shares crashed more than 25% in pre-market trading after discontinuing two late-stage Alzheimer's drug trials with Eisai.
The two companies said they would scrap their global late-stage trials, ENGAGE and EMERGE, designed to"evaluate the efficacy and safety of aducanumab in patients with mild cognitive impairment due to Alzheimer's disease and mild Alzheimer's disease dementia.""This disappointing news confirms the complexity of treating Alzheimer's disease and the need to further advance knowledge in neuroscience," Biogen CEO Michel Vounatsos said in a release.
Biogen's pre-market move was its largest downside gap since August 2008, when the stock traded under $50, according to
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