Biogen, Denali Parkinson's Drug Fails Phase 2b Trial, Development Halted
BIIB sits 55% above its 52-week low of $121.05.
Summary
Biogen and Denali Therapeutics announced their Parkinson's drug, BIIB122, failed to meet its primary and secondary endpoints in a Phase 2b trial. As a result, development of BIIB122 for idiopathic Parkinson's disease is being discontinued. This represents a significant setback for both companies' neurology pipelines, following a period of positive news for Biogen including strong Q1 results and several successful drug developments and acquisitions. While Denali will continue a Phase 2a study for a specific LRRK2 variant, the broader and more lucrative idiopathic Parkinson's indication is now off the table.
At the time of this announcement, BIIB was trading at $187.50 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $28B. The 52-week trading range was $121.05 to $205.97. This news item was assessed with negative market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.