Shares of Biogen jumped more than 11 percent after the company announced the U.S. Food and Drug Administration accepted the Biologics License Application (BLA) for aducanumab, an investigational treatment for Alzheimer’s disease.
Two years after AbbVie and Voyager Therapeutics first forged a collaboration to develop treatments for Alzheimer’s disease, the partnership came to an end after AbbVie terminated the agreement.
Denali Therapeutics and development partner Sanofi announced data from the Phase Ib trial of DNL747 in Alzheimer’s disease and amyotrophic lateral sclerosis (ALS). After apparent disappointing results, the companies have chosen to pause the studies with the drug and shift their resources to a similar drug, DNL788, for the same indications.
Shares of Gilead Sciences rose following a report that the company was approached by U.K. pharma giant AstraZeneca regarding a potential merger.
Maryland-based Novavax snagged $384 in additional grant funding to advance the company’s vaccine candidate against COVID-19.
Shares of ASLAN Pharmaceuticals rose more than 83 percent after the company announced positive preliminary data in an atopic dermatitis study.
Amgen will buy Celgene’s psoriasis drug Otezla for $13.4 billion in cash, clearing the way for Bristol-Myers Squibb to go ahead with the company’s $74 billion deal for Celgene by the end of 2019.
Novo Nordisk’s sales forecast for 2019 was raised due to growing demand for obesity products and a new injectable treatment for diabetes, which is now the company’s growth engine as insulin sales decline.