Biogen shares surge on positive results of Alzheimer's drug test

Shares of Biogen soared Friday after the pharmaceutical company and a Japanese partner announced positive results for a test of an Alzheimer's drug.

Massachusetts-based Biogen and Eisai Co. Ltd. said late Thursday their BAN2401 drug was able to slow the progression of Alzheimer's disease, an irreversible neurological disorder and the most common form of dementia.

Biogen shares jumped more than 12 percent to $335 shortly before the opening bell.

Ticker Security Last Change Change %
BIIB BIOGEN INC. 223.94 +0.23 +0.10%

“The 18-month results of the BAN2401 trial are impressive and provide important support for the amyloid hypothesis,” Dr. Jeff Cummings, founding director of the Cleveland Clinic Lou Ruvo Center for Brain Health, said.

The 18-month trial involved 856 patients with mild cognitive impairment due to Alzheimer's.

"The prospect of being able to offer meaningful disease-modifying therapies to individuals suffering from this terrible disease is both exciting and humbling,” Dr. Alfred Sandrock, executive vice president and chief medical officer at Biogen, said.